Today we are talking about WALMART (SWOT Analysis), so, first of all, we should know that what is Walmart? and why it is important for us? Basically Walmart is a business management tool, can easily be described as SWOT, where;
"S" stand's for Strengths,
"W" stand's for Weakness,
"O" stand's for Opportunities,
and "T" for the "Threads"
As we have discussed that its a business management tool, that is used by the management for check-out their business strategy and planning about available strengths, weaknesses, opportunities and the threads. SWOT helps them to analyze their difficulties and specify the competitors expected in the business.
FROM WHERE SWOT COMES?
Some authors credit SWOT to Albert Humphrey, who led a convention at the Standford Research Institute(now SRI International) in the 1960s and 1970s using data from Fortune 500 companies. However, Humphrey himself did not claim the creation of SWOT, and the origins remain obscure.
ELEMENTS CAN BE USED IN SWOT:
Capabilities, assets, resources, marketing, financial reserves, experiences, knowledge, data, person, explore, possibilities are the most relevant elements that can be used as a strength or in opportunities in SWOT.
Whether the conditions, changes, competitors, lack of capabilities, the gap in competitive strengths, timescale, blocks, financial problems, deadline, and pressure can become as the weaknesses or threads.
HOW DOES SWOT HELP YOU?
The SWOT is a necessary analytical tool to use as you begin your business. It manages your business goal from ground one. It establishes your positioning in the market. The SWOT analysis provides a real look at your business current situation and provides the steps to think through strengths, weaknesses, opportunities, and threads. This is knowing the difference between the INTERNAL and from the EXTERNAL factors that will really plan a role in the success of your business.
SOME TIPS FOR LIST YOUR WEAKNESSES:
For the progress of your business and for the best results of your SWOT, it's very important to list out your weaknesses. You have to remember that every business has some weaknesses, if you finished or feel hesitation in talking about them, you might feel a bit deflated, keep the list of your weaknesses handy. Be prepared to look at your business inside and outside critically. Be-open minded if some of your employees point out any weakness of your business. it's likely that you are not thought the weakness that some can rise. so remember to be open-minded. Don't be judgmental.