You have learned about the importance of doing a SWOT analysis when a firm launches a new product or even when comparing a new company to existing competitors. Keeping in mind that your product will likely be patentable in the United States, create a SWOT analysis for your new company. Remember, you are doing the SWOT analysis from the perspective of your ability to compete against U.S. firms and home-country firms in your choice of Germany or England. Please find an article or reference at the AIU Online library and complete the following assignment. Be sure to cite your references.
Make sure to use the following definitions for SWOT:
Strength: A factor for which you are STRONGER than your competitors (usually having a patented product is 1 example of a strength)
Weakness: A factor for which you are at a disadvantage compared to your competitors; for new start-ups, 1 example of a weakness is lack of financial resources, as compared to established competitors
Opportunity: An external event or factor that could benefit your entire industry, you, and your competitors (e.g., the ability to apply some new technology to lower your manufacturing costs)
Threat: An external event or factor that could negatively impact your entire industry (e.g., some new governmental regulation that affects your profitability in any number of ways)
Keep in mind that 1 primary purpose of a SWOT analysis is to not be caught off-guard by competitor actions and marketplace or economic forces that could be changing. Add the following to the same document as your SWOT analysis:
Write a report that includes AT LEAST 2 strengths, 2 weaknesses, 2 opportunities, and 2 threats in your written SWOT analysis, along with reasons why to classify factors as a strength, weakness, opportunity, or threat.
Explain why it is important to properly classify factors as a strength, weakness, opportunity, or threat. For example, address what could happen if you classify a certain factor as strength when in fact you are no better than your competitors at that factor (like quality or delivery timeliness).
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