Developing a strategy starts with a complete evaluation of a company's situation--both internal and external. This evaluation is called a SWOT Analysis. The acronym SWOT stands for Strengths, Weaknesses, Opportunities and Threats. The S and W refer to the company's internal environment; its own strengths and weaknesses. The O and T refer to the external environment. The company's external environment is composed of both the macro and the micro environment.
It is important for the company to analyze the entire external environment to find attractive opportunities and identify threats. The goal is to align the company's strengths to seize the opportunities and eliminating or minimizing weaknesses to overcome threats. The SWOT Analysis then serves as an input for strategy development.
To read more on SWOT Analysis see the following post:
SWOT Analysis for Uncovering Core Competencies
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Nice Article. SWOT Analysis is a basic and Uncomplicated which is easy to do or understand model that provides direction and serves as a basis for the growth of marketing plans. The whole credit for such technique's goes to Albert Humphrey, who led a research project at Stanford University in the 1960s and 1970s using data from Fortune 500 companies. Another word for SWOT Analysis is SLOT Analysis (Strengths, Weaknesses/Limitations, Opportunities, and Threats).
ReplyDeleteYou are absolutely right. Swot analyzes are of great benefit to the business. And most importantly, they are used in all areas of business and areas of growth stages. Swot analysis report allows you to select the correct and effective development strategy.
ReplyDeleteSWOT analysis should be done correctly to improve a business. And it also should be drawn neatly from a swot analysis software to make them presentable. Good article!
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