Reverse Phone Lookup: SWOT Analysis

Thinking of entering on a Reverse Phone Lookup business? In the corporate world, every step a businessman takes must have broad and deep inquest. Why? To determine all the risks intact in a specific field and in order to form an accurate solution. Also, to adjudicate the quality of the business and to create new techniques on how to improve it.

One of the tactics habituated by businessmen around the universe is the SWOT Analysis. Using this kind of study surely helps you decide either to invest or not in a solepropriertorship, partnership or corporation no matter what kind of business it is.

A SWOT Analysis or simply SWOT Matrix is a structured planning method used to evaluate the strengths, weaknesses, opportunities and threats involve in a project or business venture. A SWOT Analysis can be carried out for a product, place, industry or person. It invoves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieve the given objective.

SWOT Analysis aims to identify the key internal and external factors seen as important to achieving an objective. SWOT Analysis groups key pieces of information into two main categories: internal factors and external factors.

There are two internal factors studied in the SWOT Analysis, the strengths and weaknesses.

Strengths are the characteristics of the business or project which considered to give advantage over others. On the other hand, weaknesses are the characteristics that place the business or project at a disadvantage relative to others.

On the lower part of the matrix are the opportunities and threats; these are the external factors done deliberately.

Opportunities are the elements that the project could exploit to its advantages while threats are the elements in the environment that could cause the trouble for the business or project.

In the growing industry of internet specifically the reverse phone lookup technology, SWOT Analysis may takes place.

The strengths of the industry includes Patent, service, informations, processing systems, accessibility and customer based loyalty.

Patent is an official document that gives a person or company the right to be the only one that makes or sells a product for a certain period of time. It strengthen the company because through patent, customers can identify or recognize them easily.

Next is the service wherein the company provides the needs of its consumers. Providing adequate informations that are necessary for a certain purpose. Since process of such industry does not needed a direct contact to the employees it considered accessible given the fact that through the use of internet, you can perform the search. Now that the strengths provided above will attain, consequenty without any doubt, customer loyalty will gain.

On the upper right part of the matrix is the so called weaknesses. The industry's feature that prevents someone or something from being effective or useful are the security, human resource and the need gor low cost service.

Even though the company's security is very tight, there will always be instances that one or more person may do something immoral and unethical act.

Secondly, the human resources. It is hard to hire people who will be loyal.and faithful to the company. Aside from that, employees who really fit their ability and knowledge in the industry. The must to pay them based on the above mentioned probably caused problem.

Lastly, the need for low cost service. Costing had been a problem for majority of businesses exist. You need to give low price to compete with the other.

Opportunities are located on the lower left part of the matrix.

Growing demand for searching personal information through the aid of the internet, technological advance, merging, expansion, and emerging international market are the opportunities you can find in the reverse phone lookup industry.

Firstly, the growing demand of the consumer for the service helps the company not only to earn a high return on investment but also to perform the company's objective.

Next is the technological advance wherein the service provided by the company improves because of it.

Merging , expansion and the emerging international market are also key factors for the improvement of the business in terms of operation and investment.

The last portion in the matrix studied are the threats encompasses the business. Government regulations, economic factors and customer behavior threatens the company.

Since government dictates the laws and regulations, no one except them can ammend it. It hinders the performance of the company.

The economic factors such as recession and inflation also hurdle the company when it comes to the profit or the return on investment.

Customer behavior also gives problem to the company in terms of sale.

Identification of SWOT is important because they can inform later steps in planning to achieve the objective.

First, the decision makers should consider whether the project is attainable, given the SWOTs. If the objective is not attainable, a different objective must be selected and the process repeated.

Users of SWOT Matrix need to ask and answer questions that generate meaningful information for each category: strengths, weaknesses, opportunities and threats to make the analysis useful and find their competitive advantage.

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