SWOT analysis is to help develop a strong business strategy by
making sure of considering all of business strengths and weaknesses,
as well as the opportunities and threats it faces in the marketplace. As
you might have guessed from that last sentence, S.W.O.T. stands for Strengths, Weaknesses, Opportunities, and Threats.
Guide to Conducting a SWOT Analysis
Strengths
and weaknesses are internal to the company. You can change them over time with effort. Opportunities and threats are external. They
are out there in the market, happening whether you like it or not. You can’t
change them.
How
to conduct a SWOT Analysis
To
get the most complete, objective results, a SWOT analysis is best conducted by
a group of people with different perspectives and stakes in your company.
Management, sales, customer service, and even customers can all contribute
valid insight.
Swot Factors
Strengths
describe the positive attributes, tangible and intangible, internal to your
organization. They are within your control.
Weaknesses
are aspects of your business that detract from the value you offer or place you
at a competitive disadvantage. You need to enhance these areas in order to
compete with your best competitor.
Opportunities
are external attractive factors that represent reasons your business is likely
to prosper.
Threats
include external factors beyond your control that could place your strategy, or
the business itself, at risk. You have no control over these, but you may
benefit by having contingency plans to address them if they should occur.
References
- http://articles.bplans.com/how-to-perform-swot-analysis/
- https://www.mindtools.com/pages/article/newTMC_05.htm
- http://www.businessnewsdaily.com/4245-swot-analysis.html
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