In both of my Disney courses I have learned so much and so many new and different things but my favourite class was Hospitality Management. This class was based a lot of business strategies and how you would open up your own and how you would go about doing this. We spoke about how each business would build up and how and what each and person would to do bring this business.
In our group, since this class was based on groups and getting a business running, we spoke about the many strategies: vision and mission statement, executive plans, business essentials, and SWOT analysis. I have so much about the SWOT analysis but never really thought about it all being so important to a business till I took learned about it in my last semester.
SWOT analysis is truly important for a business; what each and every business, small or big, should focus on. What it stands for is: Strengths, Weakness, Opportunities, and Threats. Each of these makes sense to wonder about each business and what they have to offer. “A SWOT Analysis Provides a Full Picture When Looking at a Product and a Brand” this article written by Jim Joseph states what each business must have in order to succeed and a SWOT analysis is one of them. In order to have a good one, you must know what each part of your business has to offer, otherwise you do not know what you will give out. This way your business will not succeed.
With a SWOT analysis you must look at your whole company in and out. Product and brand, it is not a one way street and this is what Jim Joseph is trying to speak on in this article. Each part of the analysis is spread out and detailed of how and what you should look at. What Jim Joseph is trying to show is how this SWOT analysis is different from the individual analysis we do on ourselves to get a job or know what we must work on. This in whole of a place and how it will be working and running smoothly.
One thing that is added to Jim Josephs list is the “Implications” of a business. What does each part of this SWOT analysis mean to the business and how will we apply all of them into our business and making it better. Applying it all, will this make your business any better and if it is what else can you do to make it better.
Reference:
Joseph, Jim. “A SWOT Analysis Provides a Full Picture When Looking at a Product and a Brand.”Entrepreneur. N.p., 20 May 2015. Web. 03 May 2017.
