It was developed in china and began as a project of Tencent Guangzhou research and a project centre in October year 2010. Its original name was Weixin. The project picked at a high pace whereby it had 4-5 million users by May of year 2011. By the end of 2011, it had managed to attract 50 million users. In March 2012, the number of the users was extremely high having over 100 million subscribers using the Wechat social media.
Nowadays, it is the first mobile phone text and the voice messages communication application in the world. It is leading also on the downloads of the applications and currently its free to download and to use. According to the global web index, it is the fifth most used Smartphone application worldwide. Its growth is tremendous in that by the October 2013 it had over 300 million users of whom majority are from china. It has roots and becoming popular now even outside china. Example of the application on the Wechat is during the recent clash of MH370 where the communication is being trapped.
Users of Chinese language from outside china were blocked where keyword filter was used. This occurred both in China and also in the foreign countries (Korpela 206). The day that followed; Ten cent released a statement addressing the issue. He apologized for that and the inconveniences that resulted to that failure. He promised to build the two platforms to avoid the reoccurrence of the same in future. This was by setting one mainlander for china and another one to serve the rest of the world.
This is the technique for undertaking the analysis on the capability of business entity. It has an extension to identification of opportunities which are open to an individual and also the business (Zorc 89). They also consider the threats that are likely to be faced.
Steps in conducting SWOT analysis
Step 1: Deciding on the objective
In the SWOT analysis, objective of the business is well identified in a way of explains the purpose of the business. The objectives are projected to introducing new produce, services and change in the processes in the business.
Step 2: Research
Research on the business, industry and the market are essential in the analysis. It is done before starting the SWOT analysis. Research helps in understanding the business and its environment.
Step 3: Strength listing
The strengths of the business are listed. These are the advantages that the business has over other. It covers area such as strength relating to the employees, financial, the resources availability and the location of the business.
Step 4: Weakness listing
Listing of the business weakness covers the disadvantages that the business is facing in the market. These include the absence of the new client and the product, lack of intellectual property right, staff absenteeism and the decline in the market share. They are elements that cause low performance of the business.
Step 5: Potential opportunities
These are different from the internal strength because they cover external opportunities of the business. They are technology, change in government structure, training programs diversification of the market and the partnerships. These factors contribute to the performance of the business enhancing performance.
Step 8: List of potential threat
These are factors facing the business and lead to problem causing threat to the business operation. They are competition increasing, high interest rate, unemployment and uncertainty on the market. They affect business directly and indirect leading to low performance.
Step 8: Priority establishment
These are points that are to be given more consideration. They are selected from the weakness and the strength established in the business. They covers internal and external environment of the business. They are given priority as they are core to the business operation and cover other minor effects to the business. They are advantages as well as disadvantages facing business operation.
Strategies to address
This is development of the issues that are to be addressed in the SWOT analysis. These reveal four priorities to be considered. They are strength to take advantage of the opportunity identified, how to use strength to overcome the identified weakness. Then, overcome the identified weakness by taking advantage of opportunities in the market. Finally, is on how to minimize the weakness and overcoming the identified threat.
In business, SWOT has a major role in carving a suitable niche in the market. This helps to alert the business owner of the impending resultant that may affect the performance in time or the future. It makes the business owner be prepared to face the expected issue being positive or negative. At a personal level, it has an impact of developing career in a manner of taking advantage of the talents ability and responsibility. This adds attribute to the life of the individual in the performance of the duties.
How SWOT analysis is used
It was originated in 1960s, and even today is much useful as it was in those days. It is used in two ways. The first one is as the icebreaker helping people get together in the strategy formulations. This does not require much technicality, and hence it is easy to apply. The second way of the use of SWOT is in the application of the serious strategy tools. This is set to follow a certain procedure that for instance considering a business perspective. The strength from both an internal perspective and customer's view and individuals in the market is considered. Similarly, it gives an option of identifying strength when having difficulties in its application, by writing down the list of the potential organizational characteristics
Strengths of the SWOT analysis
It helps in enabling a quick response to the situation that arises in the business. With the help of the SWOT, less time is required in enhancing the improvement in the functioning of the business. The results of the response are more likely viable and certainly yield to proper response as anticipated in the situation. The second strength is giving good customer care. In the provision of services and goods to the customers, the efficiency and presentation matters a lot. The customer needs care attendance so as to maintain them.
Thirdly is that it helps in changing the direction quickly in the preparation of the situation impending. This makes the person in charge to ready to respond to the situation appropriately. In the business, many effects occur each day in handling of different customers on a variety of issues (States 97). This gives to rise to several situations, and with the help of SWOT the solution is fast and straight forward.
Korpela, Mikko. Organizational information systems in the context of globalization. Boston: Kluwer Acad. Pub, 2003.
States, United. SWOT analysis : A tool for making better business decisions. Washington: Dept. of Agriculture, Risk Management Agency, 2008.
Zorc, Samo. Digital content SWOT analysis. Chicago: FORSEE Partnership, 2012.