Get to Know the Importance of SWOT Analysis Tool

 Before you start conducting a SWOT analysis, it is important that you first understand the reason for using this analysis. You cannot possibly present a good SWOTanalysis on IKEA unless you understand the importance as well as the impact of this particular business analysis tool.

This blog will help the student conduct SWOT analysis for their assignment, and they will also develop business acumen, which will help them in their near future.

Ø  Building on strengths

The SWOT analysis helps in identifying the areas of strengths. With the help of SWOT analsis, the company will highlight or stress on the positive aspects to increase the level of profit. This helps them understand the competitive advantage they have over other organisation. Using these strengths, the company can go into the next level of success. 

Ø  Minimising the weaknesses

Weaknesses are the disadvantages of any company or organisation. Before the disadvantage turns into a major problem, the analysis tool helps in identifying various characteristics which are the root of the problem. Suppose if you are doing SWOT analysis on IKEA, the major concerns are bad press and low quality. With the tool, they will be able to spot the weaknesses in time, which will help the company minimising the weaknesses.

Ø  Seizing opportunities

Identifying the different opportunities will help the business or the organisation earn profits. 

It can be due to changes in the market or for new consumer trends.  IKEA products are eco-friendly, and in the present time, there is a huge demand for eco-friendly products which can be used as a great opportunity for the brand. It is perfect for cost-conscious consumers. China and India have proved to be great markets for IKEA. Learning the opportunities beforehand, the company will be able to use the opportunities to earn the attention of the consumers.

Counteracting threats 

Threats can cause huge trouble for any organisation or company if they are not handled properly in time. Competitors may start using more innovative technologies, new trends, or new policies might have introduced. At present, IKEA’s low cost business model copied by its rivals, change of laws and tax policies, growth of disposable income are some of the possible threats. Learning the threats in time will help the company take precautions against the threat.

Now that you know the actual usage of SWOT analysis tool, nothing can stop you from conducting a perfect SWOT analysis on IKEA. All the best!

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