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Understanding SWOT Analysis for Business

SWOT analysis is a strategic planning method that evaluates an organization's internal strengths and weaknesses as well as external opportunities and threats. It identifies these factors to achieve objectives by examining the strengths, weaknesses, opportunities, and threats involved in a business or project. Strengths and weaknesses are internal while opportunities and threats come from the external environment. The analysis helps create recommendations by identifying key internal and external factors important to achieving objectives.

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130 views3 pages

Understanding SWOT Analysis for Business

SWOT analysis is a strategic planning method that evaluates an organization's internal strengths and weaknesses as well as external opportunities and threats. It identifies these factors to achieve objectives by examining the strengths, weaknesses, opportunities, and threats involved in a business or project. Strengths and weaknesses are internal while opportunities and threats come from the external environment. The analysis helps create recommendations by identifying key internal and external factors important to achieving objectives.

Uploaded by

mdasif04
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

SWOT analysis 

is a strategic planning method used to evaluate


the Strengths, Weaknesses, Opportunities, and Threats involved in
a business .
It specify the objective of the business and identify the internal and external
factors that are favorable and unfavorable to achieve that objective..

 Strengths: characteristics of the business or team that give it an advantage


over others in the industry.
 Weaknesses: are characteristics that place the firm at a disadvantage
relative to others.
 Opportunities: external chances to make greater sales or profits in the
environment.
 Threats: external elements in the environment that could cause trouble
for the business.

Uses of SWOT analysis


SWOT analysis may be used in any decision-making situation when a desired
objective has been defined.
SWOT analysis may also be used in creating a recommendation during a viability
study/survey.
Identification of SWOTs is essential because subsequent steps in the process of
planning for achievement of the selected objective may be derived from the
SWOTs.
Internal and external factors

The aim of any SWOT analysis is to identify the key internal and external factors
that are important to achieving the objective. SWOT analysis groups into two main
categories:

 Internal factors – The strengths and weaknesses internal to the


organization.
 External factors – The opportunities and threats presented by the external
environment to the organization.
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