What Is a Swot Analysis?

Updated: September 23, 2022
A SWOT analysis is a strategic planning tool that helps businesses identify their strengths, weaknesses, opportunities, and threats.
Detailed answer:

The SWOT analysis is a simple but powerful tool that can be used to understand the strengths and weaknesses of an organization, as well as the opportunities and threats it faces.

The SWOT analysis is a tool for auditing an organization and its environment. It is the first stage of planning and helps marketers to focus on key issues.

SWOT stands for strengths, weaknesses, opportunities and threats. Strengths and weaknesses are internal factors; opportunities and threats are external factors.

Strengths are internal factors that give you a competitive advantage over your competitors. Weaknesses are internal factors that limit your ability to compete effectively with your competitors.

Opportunities are external factors that can help your business grow because they increase demand for your product or service or lower its costs. Threats are external factors that can prevent your business from growing because they reduce demand for your product or service or increase its costs.

What Is a Swot Analysis?. (2022, Sep 22). Retrieved from https://graduateway.com/qa/what-is-a-swot-analysis/