SWOT stands for strengths, weaknesses, Opportunities, and Threats. SWOT Analysis is a framework that is used to evaluate the company’s competitive position and develop strategic planning.
A SWOT Analysis examines both internal and external factors of the company i.e., what is going on inside and outside of the company. Therefore, some of these factors will be in your control, and some not. In either instance, once you’ve identified, noted, and considered as many variables as you can, the best course of action will become clearer.
The main aim of a SWOT analysis is to help organizations create full awareness of each and every factor involved in making a business decision.
“weaknesses” (W) and “strengths” (S) in SWOT refer to internal elements, such as the skills and knowledge you have at your disposal.
Commonly regarded internal factors include the following:
External forces impact and influence every company, organization, and person. Regardless of whether a trait is directly or indirectly connected to an opportunity (O) or a threat (T), it is important to pay attention to and note each one.
Typically, external factors are things that neither you nor your business can control. Examples include the following:
Also, See: Job Analysis
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