SWOT analysis is one of the core instruments of company’s perform analysis. Understanding and identifying company’s strengths and weaknesses is a basis for any strategical development (Panagiotou, p.2). Core concepts of SWOT analysis could be implemented in both internal and external analysis of any company without size and industry constraints.
As for my company, the major strengths of it are unique innovative product (special software for medical institutions), strong corporative culture, and stable financial indicators. Highly innovative products are totally should be considered as competitive advantages for any companies, because they bring a unique value that cannot be replied (in short term). So these products give a time-gap for a leader in order to collect all the benefits from introducing new innovative product on the market (Cooper, p.170). Moreover, corporative culture and financial stability are also key strengths for any company. These two factors are basis for successful long-term development.
On the other hand, there are some weaknesses in my company. The most powerful weakness is that company’s products range is too narrow. Company specializes on special software for medical institution, and it is very sensitive to any (even extremely) changes on market. Another weakness is low trust level between company and clients. The reason is that company is new and it has not developed long relationship history with its partners yet.
Nevertheless, all these weaknesses could be transformed into strengths. As for narrow products’ proposition, with good marketing and external communication, the company could create a niche-market of specialized software for medical institution and go even deeper in this field. It should become a number 1 in its industry by focusing only on its products and its further technological development. These action will solve the problem of relationship with clients, as the level of trust to the leading company on market is much higher.
REFERENCES
Panagiotou, G. (2003). Bringing SWOT into Focus. Retrieved from: http://onlinelibrary.wiley.com/doi/10.1111/1467-8616.00253/abstract
Cooper, R.G. (1987). New products: What separates winners from losers? Retrieved from: http://www.sciencedirect.com/science/article/pii/0737678287900026
