SWOT Analysis : Meaning , Importance , Use of SWOT ANALYSIS in Buisness Operation , Example of SWOT , Descriptive Overview .
✅ What is SWOT Analysis?
SWOT analysis is a strategic planning and strategic management technique used to help a person or organization identify Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning. It is sometimes called situational assessment or situational analysis.
✅ How to do a SWOT Analysis ?
Decide on the objective of your SWOT analysis. ...
Research your business, industry and market. ...
List your business's strengths. ...
List your business's weaknesses. ...
List potential opportunities for your business. ...
List potential threats to your business. ...
Establish priorities from the SWOT.
✅ Use of SWOT Analysis
Decide on the objective of your SWOT analysis. ...
Research your business, industry and market. ...
List your business's strengths. ...
List your business's weaknesses. ...
List potential opportunities for your business. ...
List potential threats to your business.
✅ Example
🕳️Examples include competitors, prices of raw materials, and customer shopping trends. A SWOT analysis organizes your top strengths, weaknesses, opportunities, and threats into an organized list and is usually presented in a simple two-by-two grid.
🕳️SWOT (strengths, weaknesses, opportunities, and threats) analysis is a method for identifying and analyzing internal strengths and weaknesses and external opportunities and threats that shape current and future operations and help develop strategic goals. SWOT analyses are not limited to companies. Individuals can also use SWOT analysis to engage in constructive introspection and form personal improvement goals.
🕳️Home Depot conducted a SWOT analysis, creating a balanced list of its internal advantages and disadvantages and external factors threatening its market position and growth strategy. High-quality customer service, strong brand recognition, and positive relationships with suppliers were some of its notable strengths; whereas, a constricted supply chain, interdependence on the U.S. market, and a replicable business model were listed as its weaknesses.
🕳️Closely related to its weaknesses, Home Depot's threats were the presence of close rivals, available substitutes, and the condition of the U.S. market. It found from this study and other analysis that expanding its supply chain and global footprint would be key to its growth.
✅Overviews of SWOT
SWOT analysis is a framework for identifying and analyzing an organization's strengths, weaknesses, opportunities and threats. These words make up the SWOT acronym. The primary goal of SWOT analysis is to increase awareness of the factors that go into making a business decision or establishing a business strategy.
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