WIN - WHATS IN iNDIA
Oct 19, 20192 min
• Strengths
• Weakness
• Opportunity
• Threats
Strength is an inherent resource capability of the organization or company which can be used to gain strategic advantages from their competitors in the market. For example, strength is skill required for research and innovation which helps in the development of advance skills which can be then used for getting a new product, a new material, and a new customer. In this way we achieve to gain competitive strengths in the business.
A weakness is an inherent limitation or constraint or problem of the organization. It creates strategic disadvantages to the company or organization. For example, a manufacturing company’s over-dependency on a single supplier in the market can be potentially risky for the company at the time of crisis.
An opportunity is a favorable condition in the business organization's environment which enables it to consolidate the resource and strengthen its position. For example, increase in the products and services of the company due to the demands from the customer. It is the best opportunity for the company to serve products and services to their customers.
A threat is an unfavorable condition in the business organization’s environment which causes a risk for, or damage, the organization. For example, an emerging strong competitor in the market who is likely to offer stiff competition to the existing companies in the industry, trade and business. This is one of the threats to the organization.