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1. Importance of SWOT Analysis and Goal Formulation in a Wholesale Business
Successful Business Planning
Importance of SWOT
Analysis and Goal
Formulation in a
Wholesale Business

2. Importance of SWOT Analysis and Goal Formulation in a Wholesale Business
Successful Business Planning
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.
Click here
A complete and overall evaluation of a wholesale business
strengths, weaknesses, opportunities and threats is called
SWOT analysis. It is a powerful tool to understand the
happening of wholesale business and how to improve it. It
is quite necessary that a wholesaler must understand the
importance of SWOT analysis to fully utilize it. It is seen
that wholesalers do not apprehend its importance and are
unable to know that it a best way of monitoring external
and internal environment and then developing strategies
accordingly. After conducting a successful SWOT analysis
a wholesaler must be capable of monitoring macro and
micro-environmental factors that are affecting wholesale
business working and ability of earning profit.

3. Importance of SWOT Analysis and Goal Formulation in a Wholesale Business
Successful Business Planning
Most of the times, it is seen that a wholesaler understands
his wholesale business' strengths. It is also true that
opportunities may exist in several forms and a good
wholesaler must be good enough at spotting them. All
that needs is a wholesaler to be honest in discovering and
determining opportunities and strengths. SWOT analysis
has been in practice since long and showing its impacts on
wholesale businesses while mitigating the potential
external and internal risks. No doubt, SWOT analysis is
very important tool yet one should not forget that it is
having only subjective approach. Therefore, a wholesaler
must not solely rely on this analysis to develop further
strategy.
Once a wholesaler is done with SWOT analysis he must
move on to conduct specific goals for the further planning
of wholesale business. This process is called as "Goal
Formulation". Goals are objectives that can be derived
from the subjective portion of SWOT analysis and are

4. Importance of SWOT Analysis and Goal Formulation in a Wholesale Business
Successful Business Planning
completely made with respect to time. Majority of
wholesale businesses have common corporate goals such
as how to increase sales, how to get more profit, how to
get larger market share, grab more customers and
enhance reputation. Goal Formulation is a critical process
that works well in the long run if objectives meet specific
criteria. That criterion is being given below:
Goals must follow a specific hierarchy and they must be
formed in a manner from the most to least important. This
point can be explained with the help of example that if a
wholesaler has objective for the period to enhance profit
then he must develop goals accordingly. He must control
his business expenses first, increase his sales, invest more
revenue, expand his product line to more regions and
increase prices by increasing market share.

5. Importance of SWOT Analysis and Goal Formulation in a Wholesale Business
Successful Business Planning
It is advisable by the experts to develop goals that can be
measurable. For example, a wholesaler wants to increase
his profit, he must state this goal that he wants to
increase profit by 25% as compared to present stage by
the end of 2011.
Goals must always be realistic and not based on
imaginations. That is why it is recommended to must
conduct SWOT analysis before generating goals. The
subjectivity of SWOT analysis emphasize on developing
realistic goals from the analysis.
Goals must be viable for the wholesale business to fulfill
them. It is possible to generate profit and increase sales
by selling wholesale products but it is not possible that
these goals will be fulfilled simultaneously and the very
next day of goals formulation.

6. Importance of SWOT Analysis and Goal Formulation in a Wholesale Business
Successful Business Planning
On the other hand goals can also be developed for long
term growth or short span. Once the goals are developed,
a wholesaler must follow them to achieve the desired
results.
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.
Click here

7. Importance of SWOT Analysis and Goal Formulation in a Wholesale Business
Successful Business Planning
William King is the director of Wholesale Suppliers, Wholesale Products and
Wholesalers. He has 18 years of experience in the marketing and trading industries and
has been helping retailers, entrepreneurs and startups with their product sourcing,
promotion, marketing and supply chain requirements.
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