Importance of SWOT Analysis and Goal Formulation in a Wholesale Business                        Successful Business Planni...
Importance of SWOT Analysis and Goal Formulation in a Wholesale Business                               Successful Business...
Importance of SWOT Analysis and Goal Formulation in a Wholesale Business                             Successful Business P...
Importance of SWOT Analysis and Goal Formulation in a Wholesale Business                             Successful Business P...
Importance of SWOT Analysis and Goal Formulation in a Wholesale Business                              Successful Business ...
Importance of SWOT Analysis and Goal Formulation in a Wholesale Business                                 Successful Busine...
Importance of SWOT Analysis and Goal Formulation in a Wholesale Business                                 Successful Busine...
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Importance of SWOT Analysis and Goal Formulation

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To succeed in business, you need a persuasive and strategic marketing plan. Find out how you can develop a Marketing and Sales Plan that drives sales and generates your business the profit it deserves.. Check out: http://www.business-plan.co.za/marketing-and-sales-plan.html

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Importance of SWOT Analysis and Goal Formulation

  1. 1. Importance of SWOT Analysis and Goal Formulation in a Wholesale Business Successful Business PlanningImportance of SWOTAnalysis and GoalFormulation in aWholesale Business
  2. 2. Importance of SWOT Analysis and Goal Formulation in a Wholesale Business Successful Business PlanningTo succeed in business, you need a persuasive and strategic marketingplan. Find out how you can develop a Marketing and Sales Plan that drivessales and generates your business the profit it deserves.Click hereA complete and overall evaluation of a wholesale businessstrengths, weaknesses, opportunities and threats is calledSWOT analysis. It is a powerful tool to understand thehappening of wholesale business and how to improve it. Itis quite necessary that a wholesaler must understand theimportance of SWOT analysis to fully utilize it. It is seenthat wholesalers do not apprehend its importance and areunable to know that it a best way of monitoring externaland internal environment and then developing strategiesaccordingly. After conducting a successful SWOT analysisa wholesaler must be capable of monitoring macro andmicro-environmental factors that are affecting wholesalebusiness working and ability of earning profit.
  3. 3. Importance of SWOT Analysis and Goal Formulation in a Wholesale Business Successful Business PlanningMost of the times, it is seen that a wholesaler understandshis wholesale business strengths. It is also true thatopportunities may exist in several forms and a goodwholesaler must be good enough at spotting them. Allthat needs is a wholesaler to be honest in discovering anddetermining opportunities and strengths. SWOT analysishas been in practice since long and showing its impacts onwholesale businesses while mitigating the potentialexternal and internal risks. No doubt, SWOT analysis isvery important tool yet one should not forget that it ishaving only subjective approach. Therefore, a wholesalermust not solely rely on this analysis to develop furtherstrategy.Once a wholesaler is done with SWOT analysis he mustmove on to conduct specific goals for the further planningof wholesale business. This process is called as "GoalFormulation". Goals are objectives that can be derivedfrom the subjective portion of SWOT analysis and are
  4. 4. Importance of SWOT Analysis and Goal Formulation in a Wholesale Business Successful Business Planningcompletely made with respect to time. Majority ofwholesale businesses have common corporate goals suchas how to increase sales, how to get more profit, how toget larger market share, grab more customers andenhance reputation. Goal Formulation is a critical processthat works well in the long run if objectives meet specificcriteria. That criterion is being given below:Goals must follow a specific hierarchy and they must beformed in a manner from the most to least important. Thispoint can be explained with the help of example that if awholesaler has objective for the period to enhance profitthen he must develop goals accordingly. He must controlhis business expenses first, increase his sales, invest morerevenue, expand his product line to more regions andincrease prices by increasing market share.
  5. 5. Importance of SWOT Analysis and Goal Formulation in a Wholesale Business Successful Business PlanningIt is advisable by the experts to develop goals that can bemeasurable. For example, a wholesaler wants to increasehis profit, he must state this goal that he wants toincrease profit by 25% as compared to present stage bythe end of 2011.Goals must always be realistic and not based onimaginations. That is why it is recommended to mustconduct SWOT analysis before generating goals. Thesubjectivity of SWOT analysis emphasize on developingrealistic goals from the analysis.Goals must be viable for the wholesale business to fulfillthem. It is possible to generate profit and increase salesby selling wholesale products but it is not possible thatthese goals will be fulfilled simultaneously and the verynext day of goals formulation.
  6. 6. Importance of SWOT Analysis and Goal Formulation in a Wholesale Business Successful Business PlanningOn the other hand goals can also be developed for longterm growth or short span. Once the goals are developed,a wholesaler must follow them to achieve the desiredresults.To succeed in business, you need a persuasive and strategic marketingplan. Find out how you can develop a Marketing and Sales Plan that drivessales and generates your business the profit it deserves.Click here
  7. 7. Importance of SWOT Analysis and Goal Formulation in a Wholesale Business Successful Business PlanningWilliam King is the director of Wholesale Suppliers, Wholesale Products andWholesalers. He has 18 years of experience in the marketing and trading industries andhas been helping retailers, entrepreneurs and startups with their product sourcing,promotion, marketing and supply chain requirements.Article Source:http://EzineArticles.com/?expert=William_King

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