Dear Friends,
I take pleasure in presenting Vol. II, Issue IX of March 2012 of The Enablers’.
This monthly e-publication, ‘The Enablers’ as you all know is to help first-line managers from the pharma industry to develop themselves. Your personal development will give me tremendous happiness so that you can take the Indian pharma industry to the next level – free from corrupt practises which are prevalent today.
However, this requires planning. Personal development planning for first-line managers is not only about the learning that has already taken place, but also planning for the future.
In this issue, we discuss SWOT Analysis which is a great yet simple tool for analyzing the internal and external factors that can impact your professional or personal life. SWOT analysis is based on the evaluation of an individual’s current status (internal environment) as well as on the evaluation of the factors outside the individual (external environment).
Please do let us have your comments on this issue.
For back issues, please do visit http://theenablers newsletter.blogspot.com
Warm regards,
Vivek Hattangadi - Editor
Tel: 9376100041
| SWOT Analysis – A Self-Development Tool for First-Line Managers |
When I started my career as a medical representative I was overawed by my trainer’s knowledge and oratory. I wanted to be like him and started imitating him. But that did not address my weaknesses till one day in a developmental program I attended, I was exposed to SWOT Analysis. Since then, I have used this tool to develop my skills. This has really helped me in coming up the career ladder. SWOT is the acronym for Strengths, Weaknesses, Opportunities, and Threats. The simple technique was developed by Prof. Albert Humphrey of Stanford University.(1)
SWOT Analysis is a very simple planning tool which is used to understand strengths, weaknesses, opportunities and threats involved in an organization, a brand or even an individual.(2)
It can be used as framework for organizing and using data and information gained from situation analysis of internal and external environment. This is a technique that can enable a first-line manager to look at everyday problems in a fresh perspective.
| Strengths Strengths are the characteristics of the individual, a brand, or an organization that give an advantage over others in the field. These are the positive tangible and intangible attributes, internal to the individual or organization. For example for a first-line manager, they are the beneficial aspects of his capabilities, like his competencies, resources, education, communication or many more. It could also be sound technical knowledge, superior management talent, better marketing skills, strong strategy execution skills, and a team of committed medical representatives. |
| Weaknesses Weaknesses are the characteristics that place the brand, an organization or even an individual at a disadvantage relative to others. Weaknesses can detract the first-line manager from his ability to attain the core goal and influence his own career growth. Weaknesses are the factors which do not meet the standards we feel we should meet. For a first-line manager for example, it could mean his inability to retain a good strong team, continuing with out-of-date management skills, weak market image, limited communication skills, and a set of under-trained medical representatives. Nevertheless, weaknesses are controllable. They must be minimized and eliminated. another alternate is to strengthen the strengths so that the weaknesses become irrelevant! |
| Opportunities Opportunities are the chances to gain in the environment. They are the external attractive factors that represent the reason for a first-line manager to develop and grow. Opportunities arise when a first-line manager can take benefit of conditions in its environment to plan and execute strategies that enable make his organization more profitable. He should be alert and recognize the opportunities and grasp them whenever they arise. Opportunities may arise from market, competition, and training. Examples of opportunities can be working for a start-up organization, rapid market growth, complacent peers, economic boom, and many more. |
| Threats Threats are the external elements in the environment that could cause trouble for the first-line manager which are beyond his control, which could place his development and progress at risk. Threats arise when conditions in external environment jeopardize the first-line manager. They compound the dangers when they relate to the weaknesses. Threats are uncontrollable. When a threat comes, the stability and survival can be at stake. Examples of threats could be because of recessionary trends, merger or acquisition of his organization or more competent peers. |
Strengths and opportunities are helpful while weaknesses and threats are harmful.
As I did, every first-line manager should do an honest and regular SWOT Analysis of himself. This will help you to analyze the reasons for your success or failure. Perform a SWOT Analysis and document it. Carry your findings forward - make sure that the SWOT analysis is used in planning your own development. Revisit your findings at suitable time intervals.
Good luck!
References
1. http://www.mindtools.com /newTMC_05.htm
2. Ansoff, H.I. (1987), Corporate Strategy, revised edition, Penguin Books.
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