Uses
- Helpful in business and strategic planning.
- To prepare a competitor evaluation.
- As a marketing tool.
- Helpful in business and product development.
Description
SWOT Analysis is a useful technique for understanding Strengths and Weaknesses, and for identifying both the Opportunities available and the existing Threats. It is a useful tool for understanding and decision-making for all sorts of situations in business and organizations.
Strengths: characteristics of the business, or project team that give it an advantage over others.
Weaknesses (or Limitations): are characteristics that place the team at a disadvantage relative to others.
Opportunities: external chances to improve performance (e.g. make greater profits) in the environment.
Threats: external elements in the environment that could cause trouble for the business or project.[1]
TIPS
- Strengths and weaknesses are often internal to your organization, while opportunities and threats generally relate to external factors.
[1] “SWOT Analysis.” Wikipedia. Wikimedia Foundation, 17 July 2012. Web. 19 July 2012. <http://en.wikipedia.org/wiki/SWOT_analysis>.