Swot Discussion
Strategies for a SWOT Analysis Podcast Transcript
Speakers: Diane, Scott, Ron Thompson
Diane: Hello and welcome to the University of Phoenix MGT 521 Podcast Network; I’m Diane; this is Scott.
Scott: Hello!
Diane: Each week we’ll provide you with a deeper look into some of your class concepts – and hear from people who use and apply these concepts in their daily work.
Scott: So today we’ll be discussing the S.W.O.T. analysis…
Diane: Which has nothing to do with the elite police unit…
Scott: And everything to do with helping your organization plan its strategy.
Diane: S.W.O.T. – S – W – O – T - stands for Strengths, Weaknesses, Opportunities and Threats. Now, it’s important to identify your S.W.O.T. before starting on your organization’s business or strategic plan because it gives you a great snapshot of your business and a baseline for your strategy.
Scott: Basically, you want to figure out how to build on your strengths, minimize your weaknesses, seize your opportunities and counteract your threats. So how you do you conduct a S.W.O.T. analysis? Let’s talk about some best practices.
Diane: Well, first you want to make sure you have your company’s stakeholders present – people whose opinions will give you the best perspective of where the business is. You want a variety of perspectives, not just the CEO or CFO, who might only have a 30,000-foot view of the organization.
Scott: Makes sense… So, you want to invite the entire management team to participate as much as possible to get perspectives from the people who do the work, as well as people who plan and oversee the work.
Diane: Exactly. Obviously you don’t want the meeting to be too large and unwieldy, so you might want to ask managers for their opinions a week or two before the meeting. Asking them for their input can help gain their buy-in to your strategy – because you’ve asked them to help create it. You’re basically telling them, “I care what you think and I take
Speakers: Diane, Scott, Ron Thompson
Diane: Hello and welcome to the University of Phoenix MGT 521 Podcast Network; I’m Diane; this is Scott.
Scott: Hello!
Diane: Each week we’ll provide you with a deeper look into some of your class concepts – and hear from people who use and apply these concepts in their daily work.
Scott: So today we’ll be discussing the S.W.O.T. analysis…
Diane: Which has nothing to do with the elite police unit…
Scott: And everything to do with helping your organization plan its strategy.
Diane: S.W.O.T. – S – W – O – T - stands for Strengths, Weaknesses, Opportunities and Threats. Now, it’s important to identify your S.W.O.T. before starting on your organization’s business or strategic plan because it gives you a great snapshot of your business and a baseline for your strategy.
Scott: Basically, you want to figure out how to build on your strengths, minimize your weaknesses, seize your opportunities and counteract your threats. So how you do you conduct a S.W.O.T. analysis? Let’s talk about some best practices.
Diane: Well, first you want to make sure you have your company’s stakeholders present – people whose opinions will give you the best perspective of where the business is. You want a variety of perspectives, not just the CEO or CFO, who might only have a 30,000-foot view of the organization.
Scott: Makes sense… So, you want to invite the entire management team to participate as much as possible to get perspectives from the people who do the work, as well as people who plan and oversee the work.
Diane: Exactly. Obviously you don’t want the meeting to be too large and unwieldy, so you might want to ask managers for their opinions a week or two before the meeting. Asking them for their input can help gain their buy-in to your strategy – because you’ve asked them to help create it. You’re basically telling them, “I care what you think and I take