In any commercial transaction that people do daily is necessary to verify what the best is for us. As a consumer we note that exist many competences in prices, quality, and branding. When we go to a supermarket to buy products for the house or for cook, we look the prices and the item quality. Indirectly, we conduct a SWOT in all buying or selling transactions. We look the strengths of the product, the weakness, we see if we have a good opportunity or threats that conduct us to take the final decision.
SWOT Analysis is the most renowned tool for audit and analysis of the overall strategic position of the business and its environment. Its key purpose is to identify the strategies that will create a firm specific business model that will best align an organization’s resources and capabilities to the requirements of the environment in which the firm operates. (Management Study Guide, n.d.)
A SWOT means Strengths, Weaknesses, Opportunities, and Threats. The strengths and weaknesses are internal expectations that we have to look closely because it defines if a transaction that we are thinking or considering to do is good. The strengths of a product or service have and how these strengths are capable to satisfy our needs or the external consumer need. It is an internal observation that we have to consider when we decide to make any commercial transaction in which we need to take time to think, and observe what the consumer wants. In the other hand we have closely the weakness. Weakness is the point in which we would observe what can make a business goes wrong. As strengths weaknesses are another internal observation and are necessary consider it because if we do not do it, we are not capable to conduct a business in the best way. Opportunities leave us to know what the consumer wants and needs. Threats like opportunities are external environment in which we need to know who live near the business, what are the demographic... [continues]
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