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Commonly called Hoshin, the system that company uses involves three key elements to include: external factors, internal factors, and the company's Hoshin (long-term goals). This is significant, because the use of this kind of system; has shown to be effective at variety of organizations. In the case of Toyota, this system has allowed them to become one of the largest automakers in the world. As a result, one could effectively argue that the use of the SWOT analysis will help an organization, evaluate various factors that could have an impact upon the business. At which point, managers can use this information to help the organization adapt to changes that are occurring either in the business or the marketplace. (Liker, 2008, 432 -- 437)
Clearly, using SWOT analysis can help a business to fully understand the overall scope of threats that they face both: internally and externally. At the same time, it shows the possible strengths and opportunities for an organization. This is significant, because the use of such a system can have a dramatic impact upon how quickly...
Those businesses that can adapt quickly to these changes can use this information, to adjust to new opportunities and changes before everyone else. The above example of the Toyota Motor Company highlights to how SWOT analysis can help an entity be able to maintain its dominance, while responding to changes. In many ways one could effectively argue, that the use of this system has allowed the company to maintain its competitive advantage. As a result, this why so many organizations consider SWOT analysis to be such a vital tool, in spotting short- and long-term changes in their business.
Bibliography
Edward, R. (2010). Importance of SWOT Analysis. Retrieved July 31, 2010 from E. How website: http://www.ehow.com/about_5377992_importance-SWOT-analysis.html
Kumar, S. (2003). SWOT Analysis. Entrepreneurship Development. (pp. 134 -- 139). New Delhi: New Age International.
Liker, J. (2008). Hoshin Kanri. Toyota Culture. (pp. 432…
Bibliography
Edward, R. (2010). Importance of SWOT Analysis. Retrieved July 31, 2010 from E. How website: http://www.ehow.com/about_5377992_importance-SWOT-analysis.html
Kumar, S. (2003). SWOT Analysis. Entrepreneurship Development. (pp. 134 -- 139). New Delhi: New Age International.
Liker, J. (2008). Hoshin Kanri. Toyota Culture. (pp. 432 -- 437). New York, NY: McGraw Hill.
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