Swot analysis is used to measure the company's recent financial situation before deciding on a new strategy. SWOT stands for Strength, Weakness, Opportunities, and Threats (Thomas Bush, Mar 2, 2020.) Strength and weakness occur for the company's internal assessment, and opportunities and threats are to the external evaluation. Companies use SWOT analyses to make the most of what they already have, to have a competitive advantage without incurring additional costs, and then reduce the chances of failure by understanding their weaknesses and threats. A SWOT analysis of the company is created to give a snapshot of the current and potential budgetary standings of the company. It simplifies the understanding of how an organization works financially (by analyzing its strengths and weaknesses). It provides insight into possible events that could change its finances (by analyzing opportunities and threats). This can support a business's financial proposal by recognizing what profits and operating costs are expected, and deliberately understanding how to improve its financial status.

The focus on execution is on how the company focuses on how it presents its products, rather than on other factors, including competition and other external factors. Having this focus on self could help the company become a leader in its industry. This could be done by constantly striving to create a brand for the company and to be different from others. Take Apple as an example; it offers new features in every release and lets the industry follow its footsteps. It focuses on its implementation by doing better than before.

Value chain analysis is a way to analyze how a company establishes a viable advantage. It helps a company understand how it adds value to something, and later how it can sell its product for more than the cost of making a profit (Michael Porter, 1985). A value chain is a series of activities starting with raw materials until conversion to finished goods. According to Porter, many activities within an organization add value to its products and services. All these activities should be done at an optimum level to gain a real competitive advantage.

A balanced scorecard is an implementation to measure the effectiveness of activity concerning the strategic plans of the company, and a strategy map is used to show the logical connection between the strategic goals of the company. The balanced scorecard consists of four perspectives Financial, Business Process, Customer, and Organizational Capacity The balanced scorecard consists of four perspectives Financial, Business Process, Customer, and Organizational Capacity (2015 to 2021 CFI Education Inc.) Balance Scorecard enables the discovery of shortcomings within these perspectives to help the company develop strategies to overcome them. A strategy map could also help in strategic planning because it is one of the most potent elements in the balanced scorecard methodology. It is used to communicate how value is created within an organization quickly.

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1 SWOT analysis Strengths Weaknesses Opportunities and Threats 2 Value chain analysis identifying th... View the full answer