Why should you use SWOT Analysis?
Open the thread to understand 👇
Open the thread to understand 👇
1. Definition
SWOT Analysis identifies an organization's:
- Strengths
- Weaknesses
- Opportunities
- Threats
It aids decision-making by offering a clear view of the business's current position in the market.
SWOT Analysis identifies an organization's:
- Strengths
- Weaknesses
- Opportunities
- Threats
It aids decision-making by offering a clear view of the business's current position in the market.
2. History
Developed at Stanford Research Institute in the 1960s-70s with Fortune 500 funding, Albert Humphrey created the SWOT Analysis to study why corporate planning faltered. It examined companies' strengths, weaknesses, opportunities, and threats, forming today's SWOT.
Developed at Stanford Research Institute in the 1960s-70s with Fortune 500 funding, Albert Humphrey created the SWOT Analysis to study why corporate planning faltered. It examined companies' strengths, weaknesses, opportunities, and threats, forming today's SWOT.
3. How to use it
- Step 1: Strengths - Evaluate unique assets and skills.
- Step 2: Weaknesses - Highlight areas for improvement.
- Step 3: Opportunities - Spot market trends and potential.
- Step 4: Threats - Recognize external challenges and competition.
- Step 1: Strengths - Evaluate unique assets and skills.
- Step 2: Weaknesses - Highlight areas for improvement.
- Step 3: Opportunities - Spot market trends and potential.
- Step 4: Threats - Recognize external challenges and competition.
4. Practical Example
E-commerce software startup:
Strengths: Agile team, innovation.
Weaknesses: Limited funds, unknown brand.
Opportunities: E-commerce surge from pandemic.
Threats: Big competitors, tech shifts.
Use agility for custom solutions; plan against challenges.
E-commerce software startup:
Strengths: Agile team, innovation.
Weaknesses: Limited funds, unknown brand.
Opportunities: E-commerce surge from pandemic.
Threats: Big competitors, tech shifts.
Use agility for custom solutions; plan against challenges.
5. Pro Tips
- Be Honest: Ensure SWOT's accuracy by being truthful about strengths, - weaknesses, opportunities, and threats.
- Be Specific: Avoid generalities for strategic clarity.
- Revisit Regularly: With a fast-changing business world, update your SWOT to keep it relevant.
- Be Honest: Ensure SWOT's accuracy by being truthful about strengths, - weaknesses, opportunities, and threats.
- Be Specific: Avoid generalities for strategic clarity.
- Revisit Regularly: With a fast-changing business world, update your SWOT to keep it relevant.
6. Key Takeaways
- Strengths & Weaknesses: internal, controllable; Opportunities & Threats: external, environmental.
- SWOT Analysis: matches these factors for strategic formulation.
- Versatility: SWOT's simplicity fits any organization type or size in strategic planning.
- Strengths & Weaknesses: internal, controllable; Opportunities & Threats: external, environmental.
- SWOT Analysis: matches these factors for strategic formulation.
- Versatility: SWOT's simplicity fits any organization type or size in strategic planning.
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