Applying SWOT Analysis for Effective Planning
Using a SWOT diagram as a planning tool can be very important for a company. The purpose in using this diagram as a planning tool is to ensure that the company is aware of its strengths and opportunities, as well as its weaknesses and the threats to its livelihood. When companies are not familiar with all four of these aspects, they can make mistakes when cause them to lose out on valuable benefits they could otherwise receive. Additionally, these companies may end up ignoring threats that could seriously harm them in the future. By focusing on what they can do to maximize their opportunities and play up their strengths, they will be one step further when it comes to staying ahead of the competition. A company that performs a SWOT analysis properly may also learn that it must take its external threats more seriously and work to improve its weaknesses so they will not be as much of a hindrance to its future plans and goals. Weaknesses can also be exploited by competitors, so it is best to find those weaknesses and work to minimize them.
Problem
The company that will be addressed here is Dresser-Rand. It is a world-renowned compressor company and highly dedicated to pleasing its customers (Dresser-Rand, n.d.). In addition to compressors, it makes steam turbines as well as other products (Products, 2003). The company has made a name for itself, and has gained a good reputation in its industry based on the reliability and overall quality of the products it produces. However, like any company it does have weaknesses it has to address. The main weakness with which it struggles is its technological "footprint." It has a website, but is not particularly savvy regarding e-marketing its products to those who would be interested in them. Without a proper way to market to the people who would buy its products, Dresser-Rand is missing out on a great deal of business that could have a significant impact on its bottom line. Because Dresser-Rand...
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