The SWOT analysis is a valuable step in your analysis. Assessing your firm’s strengths, weaknesses, market opportunities, and threats through a SWOT analysis is a very simple process that can offer powerful insight into the potential and critical issues affecting a venture.
Use for business planning, strategic planning, competitor evaluation, marketing, business and product development and research reports.
SWOT is an acronym for Strengths, Weaknesses, Opportunities, Threats
-Strengths describe the positive attributes. They are within your control. What do you do well? What resources do you have? What advantages do you have over your competition?
-Weaknesses might include lack of expertise, limited resources, lack of access to skills or technology, inferior service offerings, or the poor location of your business. These are factors that are under your control.
-Opportunities assess the external attractive factors that represent the reason for your business to exist and prosper. These are external to your business.
-Threats include factors beyond your control that could place your marketing strategy, or the business itself, at risk.
The benefits of SWOT analysis
1. apply SWOT to make a strategic plan to develop the enterprise.
2. To do a SWOT helps to move up the situation. And is preparing a modification of the environment. Sometimes, when the opportunity comes, Organizations can reap the benefits immediately and fully, or if we know what the problems are likely to occur with the organization. We've got to prepare. Hire a bad situation to be alleviated.
SWOT must in the same way, with the vision, mission or goals, or to the Organization's resources and capabilities to an enterprise in accordance with the SWOT is a tool used in corporate strategy planning by writing a list out of the smallest, based on data from the Strengths, Weaknesses, Opportunities, and Threats.