2.15: SWOT Analysis - Concept
SWOT Analysis is used to assess an organization's internal strengths and weaknesses, and the external opportunities and threats it faces in a particular environment. "SWOT" stands for Strengths, Weaknesses, Opportunities, and Threats.
- • Strengths: are the internal attributes or resources that provide a competitive advantage. These could include a strong brand reputation, unique expertise, efficient production processes, or dedicated human resources.
- • Weaknesses: are the internal factors that put the organization at a disadvantage. These include poor infrastructure, lack of innovation, ineffective management, or insufficient resources.
- • Opportunities: are the external factors or trends in the market or industry that could benefit the organization. These opportunities could arise from emerging markets, technological advancements, changing consumer trends, or favorable government policies.
- • Threats: are the external elements that could challenge the organization's growth. Threats stem from intense competition, economic downturns, regulation changes, or shifts in consumer behavior.
SWOT Analysis systematically evaluates factors to understand the organization's current position and potential, aiding informed decision-making, strategy formulation, and identifying areas for improvement or growth.
It is a versatile tool used in various fields, from business planning to project management, marketing, and personal development, providing a structured framework for strategic planning and decision-making.
