TOYOTA Motor Corporation. SWOT Analysis Essay Example | Topics and Well Written Essays - 1750 words

TOYOTA Motor Corporation. SWOT Analysis - Essay Example Strengths refer to the advantages that a firm has over the others in the market. They are the firm’s personal strengths that will help it to bank on, and will help it to get the mover advantage in the presence of the other firms. Most firms and business organizations apply strengths in the form of marketing strategies. In the modern world of globalization, marketing strategies can be made use of in a very innovative manner with the help of electronic means as well as smart advertising and publicity. Weaknesses are the frail aspects of every business; not every businessman knows how to run an organization flawlessly. Thus, they are the demerits that each firm possesses, which gives others in the market and advantage over the firm. Every business firm also has certain opportunities. This is the third aspect of SWOT analysis. Opportunities are the chances that exist in the external environment; every entrepreneur must try and make use of these opportunities. Most of the times the y arise out of the problems that different people have in society; solutions to overcoming such problems and helping people out, introduction of new technology, change in the habits of the people, are some of the types of opportunities that exist in the external environment. ... They must be overcome by the use of turning them into opportunities so that they can be of an advantage to the business firm. If the threat is not managed properly, it attacks the weak aspects of the firm and may lead to losses or a lower turnover. A SWOT analysis for a business firm should be made once the project or preliminary report has been made. The feasibility plan of the business further helps to look into and measure the strengths, weaknesses, opportunities and threats that the organization might have to face. At this stage, it is imperative to form such an analysis because it helps to give the directors and entrepreneurs of the firm an in depth look into the workings of the business and whether or not it will be able to succeed in the future. This can only be decided once the weaknesses and threats have been laid down because they need to be combated strategically, while causing minimum possible harm to the business. Weaknesses and threats need to be either reduced or mitig ated by the business. Yet another option to use these to the firm’s advantage is to convert them into opportunities. As discussed above, many problems can be converted to form opportunities – this can be done if the entrepreneur is dynamic and has excellent knowledge regarding the external business environment as well as the needs of the people and target consumers. Despite this, many management gurus have argued that simply by making use of and implementing a SWOT analysis, a firm cannot succeed. Many firms fail to deliver performance because of not being able to indulge in reporting about the different aspects of the firm with regard to the proper use of financial ratios (to depict the firm’s actual position with respect to its