Exam Q 3 Essay Example | Topics and Well Written Essays - 750 words

Exam Q 3 - Essay Example These methods include SWOT analysis, Porter’s five forces, and balanced scorecard. The SWOT analysis is an evaluation method that can be used by a privately owned food manufacturing company to help in the identification and prioritization of both the internal and external impacts that affect it. Strengths and weaknesses show the internal factors that may affect a business while weaknesses and threats are external factors (Sun, 2012). The company will develop strategies to make use of its strengths and opportunities, and eliminate its weaknesses and threats. The company will prepare a list of these areas that will later be evaluated to determine the top contributing factors for all of them. The SWOT will help the company to be aware of all the factors that may affect strategic planning and  making decisions. Strengths and Weaknesses refer to the resources and experience that are available to the company. The company will be in a position to identify its financial resources (income and investments), physical resources (facilities and equipment), and human resources such as software systems (Sun, 2012). SWOT analysis helps the company identify the external forces that influence it. The external forces include economic trends, demographics, political stability, and economic regulations. The Porters Five Forces will help the company to identify where it powers lies in a given situation (Grants, 2012). The company will be able to understand the strength of its current competitive position, and the strength of a position it considers moving into. The analysis argues that there are five forces that decide competitive power in a situation. The five forces are (Grants, 2012): Supplier Power: The Company will evaluate how it is easy for suppliers to set prices. The price is directed by the number of vendors of all inputs, the exceptionality of their products, and the