A SWOT Analysis is a strategic planning tool utilized by businesses and organizations to evaluate their current stance in the market or a project. This acronym stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors, things within the organization's control. Opportunities and threats are external influences that the company may not have direct control over. The process involves data collection, analysis, brainstorming, and consultation with stakeholders. It's beneficial in strategic planning, business development, risk management, and supports organizational growth. However, it's important to note that its subjective nature can lead to biased results, and it may not account for dynamic market changes. Hence, it is often paired with other strategic tools for a comprehensive view. It has been a recognized strategic planning tool since the 1960s and continues to be a subject of academic research.
SWOT analysis (or SWOT matrix) is a strategic planning and strategic management technique used to help a person or organization identify Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning. It is sometimes called situational assessment or situational analysis. Additional acronyms using the same components include TOWS and WOTS-UP.
This technique is designed for use in the preliminary stages of decision-making processes and can be used as a tool for evaluation of the strategic position of organizations of many kinds (for-profit enterprises, local and national governments, NGOs, etc.). It is intended to identify the internal and external factors that are favorable and unfavorable to achieving the objectives of the venture or project. Users of a SWOT analysis often ask and answer questions to generate meaningful information for each category to make the tool useful and identify their competitive advantage. SWOT has been described as a tried-and-true tool of strategic analysis, but has also been criticized for its limitations, and alternatives have been developed.
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