SWOT analysis
Also called: Strengths, Weaknesses, Opportunities, Threats(SWOT)
A SWOT analysis looks at the strengths and weaknesses of a company or product.
SWOT stands for:
- Strengths;
- Weaknesses (weaknesses);
- Opportunities;
- Threats.
The purpose of a SWOT analysis may be to improve products, services and business processes. A SWOT analysis is often performed while conducting a competitive analysis or marketing scan.
Conducting a SWOT analysis also reveals connections between strengths, weaknesses, opportunities and threats. Taking full advantage and highlighting a distinctive positive characteristic of a product can be an opportunity. Being overly dependent on one success factor can also be a threat when innovation is lacking. Conversely, highlighting weaknesses within an organization can provide opportunities for improvement and growth.
