Tanisha Taylor XXXXXXXXXXYesterday Dec 17 at 5:22pm Strengths, weaknesses, opportunities, and threats (SWOT) refers to a method of analyzing a business to determine what changes may be needed to make...

Tanisha Taylor

Strengths, weaknesses, opportunities, and threats (SWOT) refers to a method of analyzing a business to determine what changes may be needed to make the trajectory more favorable (Pochobradska, 2019). However, SWOT can also be used during goal setting, identifying important internal and external factors (Pochobradska, 2019). Ideally, a SWOT analysis will result in brainstorming, which converts weaknesses into strengths (Pochobradska, 2019). It is critical for the success of a business that decisions and strategy remain aligned (TriCorp Simulation, 2016).

The medical technology industry is a vital aspect of the healthcare industry; however, competition from abroad is increasing (Maresova, Penhaker, Selamat & Kuca, 2015). In order to continue to grow, the industry needs to overcome weaknesses, maximize strengths, identify areas of opportunities, and mitigate threats (Holtzman, Gorkhover & Ganz, 2015). Strengths of the medical device industry include market size, and investment into research and development (Holtzman, Gorkhover & Ganz, 2015). Weaknesses include plateau in innovation, taxes, and the regulatory environment (Holtzman, Gorkhover & Ganz, 2015). Threats to the industry include competition, foreign markets, and cybersecurity (Holtzman, Gorkhover & Ganz, 2015). In order to remain successful, the medical device industry has to poise for opportunities being presented in areas of service, demographics, and business model innovations (Holtzman, Gorkhover & Ganz, 2015).

References

Holtzman, Y., Gorkhover, G., & Ganz, M. (2015, January 12). The U.S. medical device industry: Strengths, weaknesses, opportunities, and threats. Retrieved from https://www.mddionline.com/us-medical-device-industry-strengths-weaknesses-opportunities-and-threats

Maresova, P., Penhaker, M., Selamat, A., & Kuca, K. (2015). The potential of medical device industry in technological and economical context. Therapeutics and Clinical Risk Management, 11, 1505-1514. doi:10.2147/TCRM.S88574

Pochobradska, K. (2019). Swot analysis as tool for evaluation of process supply and strategy design. Economics & Management (1), (1802-3975), 44–51. Retrieved from http://search.ebscohost.com.proxy-library.ashford.edu/login.aspx?direct=true&db=bsh&AN=138683717&site=eds-live&scope=site

TriCorp Simulation (2016). Growing your business - A management simulation. Retrieved from https://ashford.trisimulation.com/Simulation

Ashley Johnson

Hello Dr. Seiler,

POCHOBRADSKÁ (2019) highlights the importance of considering the excellence of procedures in a business because it is crucial to the prospective path of the institution. One way to assess this effectually is to use a SWOT analysis. This type of examination is an organized preparation technique utilized to gauge strong suits, feebleness, prospects, and dangers. Information or detail that is important to add to a SWOT analysis in general are strengths, weaknesses, opportunities, and threats (POCHOBRADSKÁ, 2019, p. 44). One important piece is coming up with strategic alternatives in order to deduce which is the best matched strategy and most effective. This can serve as a roadmap for success and goal setting.

A complete SWOT analysis can help a company succeed by viewing the organization from every angle in order to grow and be properly prepared. It allows the viewing of factors that may need to be adjusted or changed. For instance, an adjustment in internal operations that could lead to greater efficiency. These types of factors are considered internal. External ones will be assessed as well such as competition or economical influences. Suna (2019) was able to use a SWOT analysis to determine emerging types of tourism evolving from economical changes and use it as an opportunity for regional development. Essentially, it can provide a well-thought business strategy that can influence the design of the company propelling it toward success as well as thwarting dangers.

Ashley Johnson

References

POCHOBRADSKÁ, K. (2019). SWOT ANALYSIS AS TOOL FOR EVALUATION OF PROCESS SUPPLY AND STRATEGY DESIGN.
Economics & Management, (1), 44–51. Retrieved from http://eds.b.ebscohost.com.proxy-library.ashford.edu/eds/pdfviewer/pdfviewer?vid=3&sid=6b7100bd-26a6-4da4-951e-2b0df7a4e7ef@pdc-v-sessmgr04