A Strength, Weaknesses, Opportunities, and Threats (SWOT) Analysis concentrates on the external and internal factors affecting a business or organization. In general, internal factors are weaknesses and strengths. External factors are opportunities and threats. For example, if an issue exists even when the organization does not exist, as a technology change, it is an external issue.
A SWOT analysis aids in pointing out business sections performing well. These units are the organization’s critical factors and offer you and your business a competitive advantage. If the strengths get identified, we must work hand in hand to maintain them so that we can not lose our competitive advantage (Leonandri & Wicaksono, 2017). Through SWOT analysis, we must minimize weaknesses, which are ideologies that keep us at the edge. When we perform a SWOT analysis, we must point out these characteristics and work towards reducing them.
Additionally, through SWOT analysis, we must take hold of opportunities. The study helps us take advantage of changes which are boosting our profits. External factors create new opportunities, such as changes in market formation and the latest trends in customers. Threats should be countered in SWOT analysis. They are external factors that cause complications to a business-like new government policy. In my hospitality industry, I experience both internal and external factors. Through countering the problems, Marriott international can thrive in the right manner.
Evaluating Internal Factors
The internal surrounding of every company has factors that affect the approach and success of operations. The company has control over those factors. Therefore, managing the strengths of internal processes is the central ideology of the success of every organization.
In the hospitality industry, the leadership role is a major internal factor. Leadership and management styles play a critical role in the culture of the industry. Firms generally offer a formal design with the vision and mission statements. Cultural implications that result from leadership methods in hospitality like any other industry are the employees’ value, negative or positive nature, and communication effectiveness. As a manager, the first thing to do while countering internal factors is to check employees’ strengths. It involves ensuring that the employees are talented, hardworking, and motivated. Motivated and gifted employees produce better results. The firm must also have appropriate administrative and operational procedures. It involves proper record keeping and confirming that IT systems are up to date. A manager should be honest and realist to both customers and employees (Werdani & Ginting, 2019).
Weaknesses are areas in the business that needs improvement. As a manager, I should manage my public speaking skills through following strategies of becoming a good public speaker: knowing your topic, getting organized, and doing more practice. The best thing about internal factors in the industry is that I have control over them. The changes always incur no costs at all. I can switch my working hours so that I can perform more work during morning hours. It can be ensured by setting clear missions and visions for the brand, which will offer the industry a clear sense of direction.
Evaluating External Factors
The external factors analysis in SWOT involves venturing into the industry in which a firm operates. Every organization must examine external considerations like new laws, tariffs, plus any other variable. External factors in SWOT analysis are opportunities and threats.
Opportunities as an external factor in SWOT analysis involve studying various changes in the marketplace and the hotel industry’s surroundings. The hotel industry is a challenging and competitive market section. Therefore, despite the competitiveness, the hotel should offer unique experiences to the customers, which will make it more attractive to customers. The uniqueness could be in forms of comfort level, which makes it different from the other competitors. Then cash out the unique experience. The other thing is to offer dynamic prices. It means charging different prices for similar services. For example, charging different prices for rooms like since the upper rooms have a better view, we can charge customers more for a better look. As a manager, if I grab that chance of offering dynamic prices, it will be a better way of maximizing profits. We can also offer online bookings to be able to counter tourists who are trying to reach out. Therefore, we should offer local and international accommodation (Werdani & Ginting, 2019).
Threats are external factors that affect any business and might be controllable while others are not. One major threat affecting any hotel and all hospitality industry at large currently is the COVID-19 pandemic, which has led to lockdown worldwide. After things get back to normal, the customers will have to work for a whole year to save for tourism. Correcting my habit of not getting up early will make sure I have more time to do my managerial tasks during morning hours. After this, I will have more time to spend studying for my accounting degree. It will also aid in building a better reputation and driving the company towards acquiring many achievements.
In conclusion, countering the hotel industry through internal and external factors in SWOT analysis will help to point out strengths, identify weaknesses, take advantage of opportunities, and counter threats. Through this, the hotel will have the ability to thrive. I will also spot my managerial positioning and gauge my ability to deal with risks through maintain customers and boosting employees’ skills in meeting the company mission and vision (Mondal & Haque, 2017).