Complete a SWOT analysis focused on technology in business (Book used in class - Nickles, Understanding Business:The Core 2e by William Nickles) Figure 6.2 was given as an example.

SWOT Analysis on Informational Technology in Business Strengths What do you do well? What unique resources can you draw on? What do others see as your strengths? Weaknesses What could you improve? Where do you have fewer resources than others? What are others likely to see as weaknesses? Opportunities What opportunities are open to you? What trends could you take advantage of? How can you turn your strengths into opportunities? Threats What threats could harm you? What is your competition doing? What threats do your weaknesses expose you to? and threats are often external to the firm and cannot always be anticipated. Weaknesses and strengths are more often internal and therefore more within reach of being measured and fixed. Figure 6.2 on the next page lists some of the general issues companies consider when conducting a SWOT analysis: What external success factors affect the industry? How does our firm measure up to other firms? What are our social objectives? What are our personal development objectives? What can we do to survive and prosper during a recession? For more on SWOT analysis, see the Putting Principles to Work exercise at the end of this chapter. FIGURE 6.2 SWOT MATRIX his matrix identifies potential strengths, weaknesses, opportunities, and threats organizations may consider in a SWOT analysis. Potential Internal STRENGTHS Core competencies in key areas Potential Internal WEAKNESSES No clear strategic direction Obsolete facilities An acknowledged market leader Well-conceived functional area strategies Proven management Cost advantages Subpar profitability Lack of managerial depth and talent Weak market image Better advertising campaigns Too narrow a product line Potential External OPPORTUNITIES Potential External THREATS . Ability to serve additional customer groups Entry of lower-cost foreign competitors Rising sales of substitute products Slower market growth Expand product lines Costly regulatory requirements Ability to transfer skills/technology to new products Vulnerability to recession and business cycles Falling trade barriers in attractive foreign markets Changing buyer needs and tastes Complacency among rival firms Ability to grow due to increases in market demand