SWOT Analysis is a structured planning method used to evaluate the strengths, weaknesses, opportunities and threats involved in a project or in a business venture. A SWOT analysis can be carried out for a product, place, industry or person, and involves specifying the objective of the business venture or project, as well asidentifying the internal and external factors that are favorable and unfavorable to achieve that objective.
Company decision makers often use SWOT Analysis to thereby determine if a given objective is attainable. If the objective is not attainable, a different objective must be selected and the process repeated.
SWOT analysis should 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.
Strengths: Characteristics that give a business a clear advantage over its competitors.
Weaknesses: Characteristics that disadvantage a business relative to its competition.
Opportunities: Business elements that can be exploited to business advantage.
Threats: Conditions that can either disrupt or harm a business as a going concern.
SWOT Analysis is vital in planning to achieve a number of marketing, planning or operational objectives. Share your SWOT details using the below form: