Applying Swot Analysis for Effective Planning

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Applying SWOT Analysis for Effective Planning
By
Betty McQuilla Okocha
December 24, 2012
Professor Lisa Bradill
GM500

Introduction
The objective or purpose of applying a SWOT diagram as a planning tool in business is to have a platform of doing business or having a through picture of a business plan. Applying SWOT diagram as a planning tool has helped me to work out the strengths, threats, benefits and strategy of achieving financial prosperity in business. (Draft, 2012/2010, p. 209) I have learned that using the SWOT method as a planning tool will help me in working out an effective way and strategy to solidify my business plan with proper research, and thinking through it before setting the ball rolling for execution. Understand and using SWOT method will expose so many things and points one need to put into consideration while planning a business strategy. I also realized when I took the strategy strength test, I have a balanced formulator and implementer style and I work well in both arenas. New managers bring value to strategic management as a formulator, implementer, or both (Draft, 2012/2010, p. 201). Exporting used cars to Nigeria is a business venture I and my husband have been working hard to setup. We have put a lot of things into consideration before coming to a conclusion of choosing to set this business up in Nigeria. One of the reasons is based on the fact that Nigeria has a big market for American used cars in the whole of Africa. Next is the opportunities, market potentials and the economic gains are very high. We also intend to use the population of Nigeria and their love for quality American used cars to our advantage. My strategy which is the most important aspect of succeeding in this business is to get my local bank to finance this business. Also with the knowledge, experience and expertise my husband has in business, involving him to become parts and parcel of this business will help me to drive this business to the road of achieving financial prosperity in the near future. The internal strength to this business is getting to work with my husband as partners in progress. Working with him will be an added plus and also a chance to associate with the best in the field thereby, having an opportunity to open up more windows of business opportunities. Having access to the American used car industry is something that we want to tap in and explore the opportunities available in the American economy. American used car industry is a surplus market and something that we want to work to our advantage 100%. Also having an opportunity to explore the privilege given to me by my local bank in financing this business is an added advantage and strength of achieving financial prosperity in the near future. If my local bank fail or unable to finance this business that is a big threat and a disaster, but something has to be done to avoid such threat. Our next threat is the Nigeria customs, working with them is not any body’s dream. But with the assurance from my bank and husband all these threats will be taking care off and on time before the commencement of this business. Diagram

Weaknesses (Internal)
Higher Import Duty
Nigerian Customs
Nigerian Economy
Strengths (Internal)
Knowledge
Experience
Nigerian Market
American Economy
Nigerian Population
My Husband

SWOT Analysis Diagram
Threats
(External)
Finance
Nigerian Customs
Shipment Delays
Opportunities (External)
Attractive Market
Knowledge
Business Experience
American Economy

Problem
Having done my homework and research on this business has helped me to get things up and running within a short period of time. My next part of action is applying for an auction license which will help me in driving this business to a greater height. Getting an auction license means having access or power to buy any kind of used cars from every auction sale point throughout the United States. My business strategy which is the most...
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