A SWOT Analysis is an instrument used to assess the Strengths, Weaknesses, Opportunities, and Threats in the process of a project or in a business venture or in any other situation obliging a decision in strategic planning. It entails monitoring the marketing surroundings internal and external to the company.
It is a central tool for auditing the overall strategic position of a business and its environment. Once, key strategic issues have been identified, they feed into business objectives, particularly marketing objectives. SWOT analysis can be used in combination with other tools for audit and analysis, such as PEST Analysis and Porter's Five-Forces analysis.
The compulsory first step in SWOT analysis is a definition of the preferred end state or goal. The goal must be unambiguous and approved by all partaker in the SWOT analysis process. Failure to identify properly a final state leads to wasted resources and perhaps disappointment of the enterprise. The following are a range of synonyms for "objectives" in SWOT analysis expressions: desired end states, plans, policies, goals, strategies, tactics and actions.
The intention of any SWOT analysis is to separate the key environmental factors that are significant to the marketing plans of the business. SWOT clusters key portions of information into two main categories:
We have collected some examples of strengths, weaknesses, opportunities and threats to illustrate what they could look like.
There is no general way of handling the results of a SWOT analysis which fits for each and every business. Every business is different and so are the actions deducted from the SWOT analysis. Here you will find some ideas what to do with the results from your SWOT analysis.
How To Perform a SWOT Analysis For Your Organization is the subject of this video.