One of the most important steps in forming a strategic plan for a new business or an existing business is to perform a SWOTT analysis. A SWOTT analysis is a tool used to provide a general or specific snapshot of a company's health. It helps management identify, classify and prioritize the external and internal issues or forces to aid the decision making process. This paper will analyze a few of the external and internal forces and trends based on the SWOTT analysis for JPS Engineering.
SWOTT Analysis of JPS Engineering
Why perform a SWOTT analysis? A SWOTT analysis forces a company to take an honest look at them selves, an objective analysis of the company's position in the marketplace and with its competitors. It is an effective way to identify a company's strengths and weaknesses and examining its opportunities and threats.
A strength is something a company does well and excels at compared to its competition. A strength is something the company can build on that differentiates the company from its competition. For example, a strength can be a growing customer base or customer service department that keeps customers happy which both help retain and generate new sales.