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What Is A SWOT Analysis

A SWOT analysis is a technique used to evaluate the strengths, weaknesses, opportunities, and threats involved in a project or business venture. It involves identifying the objectives of the business and internal/external factors that are favorable and unfavorable to achieving those objectives. Strengths and weaknesses are internal to the organization, such as resources, staff skills, and processes. Opportunities and threats originate outside the organization, like market trends, customer needs, new technologies, and competition. Conducting a thorough SWOT analysis provides a foundation for evaluating the organization's position and direction for the future.

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340 views

What Is A SWOT Analysis

A SWOT analysis is a technique used to evaluate the strengths, weaknesses, opportunities, and threats involved in a project or business venture. It involves identifying the objectives of the business and internal/external factors that are favorable and unfavorable to achieving those objectives. Strengths and weaknesses are internal to the organization, such as resources, staff skills, and processes. Opportunities and threats originate outside the organization, like market trends, customer needs, new technologies, and competition. Conducting a thorough SWOT analysis provides a foundation for evaluating the organization's position and direction for the future.

Uploaded by

aisyah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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What Is a SWOT Analysis?

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.


So a SWOT Analysis is a technique for assessing these four aspects of your
business.
Strengths
Strengths are things that your organization does particularly well, or in a way
that distinguishes you from your competitors. Think about the advantages
your organization has over other organizations. These might be the motivation
of your staff, access to certain materials, or a strong set of manufacturing
processes.

Your strengths are an integral part of your organization, so think about what
makes it "tick." What do you do better than anyone else? What values drive
your business? What unique or lowest-cost resources can you draw upon that
others can't? Identify and analyze your organization's Unique Selling
Proposition  (USP), and add this to the Strengths section.
Then turn your perspective around and ask yourself what your competitors
might see as your strengths. What factors mean that you get the sale ahead
of them?

Remember, any aspect of your organization is only a strength if it brings you a


clear advantage. For example, if all of your competitors provide high-quality
products, then a high-quality production process is not a strength in your
market: it's a necessity.

Weaknesses
Now it's time to consider your organization's weaknesses. Be honest! A
SWOT Analysis will only be valuable if you gather all the information you
need. So, it's best to be realistic now, and face any unpleasant truths as soon
as possible.

Weaknesses, like strengths, are inherent features of your organization, so


focus on your people, resources, systems, and procedures. Think about what
you could improve, and the sorts of practices you should avoid.

Once again, imagine (or find out) how other people in your market see you.
Do they notice weaknesses that you tend to be blind to? Take time to examine
how and why your competitors are doing better than you. What are you
lacking?
Opportunities
Opportunities are openings or chances for something positive to happen, but
you'll need to claim them for yourself!

They usually arise from situations outside your organization, and require an
eye to what might happen in the future. They might arise as developments in
the market you serve, or in the technology you use. Being able to spot and
exploit opportunities can make a huge difference to your organization's ability
to compete and take the lead in your market.

Think about good opportunities you can spot immediately. These don't need to
be game-changers: even small advantages can increase your organization's
competitiveness. What interesting market trends are you aware of, large or
small, which could have an impact?

You should also watch out for changes in government policy related to your
field. And changes in social patterns, population profiles, and lifestyles can all
throw up interesting opportunities.

Threats
Threats include anything that can negatively affect your business from the
outside, such as supply chain problems, shifts in market requirements, or a
shortage of recruits. It's vital to anticipate threats and to take action against
them before you become a victim of them and your growth stalls.

Think about the obstacles you face in getting your product to market and
selling. You may notice that quality standards or specifications for your
products are changing, and that you'll need to change those products if you're
to stay in the lead. Evolving technology is an ever-present threat, as well as
an opportunity!

Always consider what your competitors are doing, and whether you should be
changing your organization's emphasis to meet the challenge. But remember
that what they're doing might not be the right thing for you to do, and avoid
copying them without knowing how it will improve your position.
EXAMPLES OF SWOT ANALYSIS
GYM

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