SWOT Analysis: Meaning and Importance of SWOT Analysis | Management
by Smriti Chand Management
Swot Analysis: Meaning and Importance of Swot Analysis!
Meaning:
One of most widely used strategic planning tools is a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis. Most companies use it in one form or another. SWOT analysis is often used as basic guide for strategic planning.
The worth of SWOT analysis is often dependent on the objective insight of those management individuals who conduct the SWOT analysis. If management (or consultant management) is able to provide objective, relevant information for the analysis, the results are extremely useful for the company.
The term SWOT is the acronym made up of four words viz., Strengths, Weaknesses, Opportunities and Threats. The first two variables are internal to an organisation whereas the last two are external. SWOT stands for strengths, weaknesses, opportunities and threats. The first two are internal to an organisation whereas the last two are external.
Importance:
SWOT analysis is not only concerned with making only four lists but it is much more than that.