SWOT (Strengths, Weaknesses, Opportunities, and Threats) Analysis
The business plan is highly-detailed, written statement that explains the purpose of creating a new venture, either a new company or a new project in an existing company which will provide products to customers. A business plan contains several important kinds of information according to the Axia College text (2009):
A business plan explains the new venture or the business of a company model describing what kinds of product it will make and sell and why they will appeal to customers.
A business plan explains why and how the new venture will be able to compete successfully against established competitors
A business plan explains how the entrepreneur, business owner, or manager intends to obtain, use, and organize the resources the company will need to make and sell these products.
Planning for a new business venture begins according to the Axia College text (2009) when an entrepreneur notices an opportunity to develop a new or improved good or service for the entire market or for a specific market segment.
To accomplish this according to the Axia College text (2009), an entrepreneur or functional experts perform a detailed SWOT analysis, which is a kind of strategic planning exercise.
SWOT analysis according to the Axia College text (2009) is a technique that focuses on identifying the internal Strengths and Weaknesses of the proposed new venture, such as the financial resources available for the project and the skills and experience of the entrepreneur and functional experts in marketing or manufacturing and being responsible for launching the new product. SWOT analysis also focuses on assessing external Opportunities and Threats in the competitive environment that will promote or impede the success of the new venture (this is the term SWOT analysis).
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