• Home
  • Archive
  • Tools
  • Contact Us

The Customize Windows

Technology Journal

  • Cloud Computing
  • Computer
  • Digital Photography
  • Windows 7
  • Archive
  • Cloud Computing
  • Virtualization
  • Computer and Internet
  • Digital Photography
  • Android
  • Sysadmin
  • Electronics
  • Big Data
  • Virtualization
  • Downloads
  • Web Development
  • Apple
  • Android
Advertisement
You are here:Home » What is SWOT Analysis?

By Abhishek Ghosh November 29, 2021 5:28 pm Updated on November 29, 2021

What is SWOT Analysis?

Advertisement

SWOT analysis 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 favourable and unfavourable 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.

 

Overview of SWOT Analysis

 

The name is an acronym for the four components the technique examines:

Advertisement

---

  • Strengths: characteristics of the business or project that give it an advantage over others
  • Weaknesses: characteristics that place the business or project at a disadvantage relative to others
  • Opportunities: elements in the environment that the business or project could exploit to its advantage
  • Threats: elements in the environment that could cause trouble for the business or project

Results of the assessment are often presented in the form of a matrix, or simply as paragraphs. Strengths and weaknesses are usually considered internal, while opportunities and threats are usually considered external. The degree to which the internal strengths of the firm matches with the external opportunities is expressed by the concept of strategic fit.

Internal factors are viewed as strengths or weaknesses depending upon their effect on the organization’s objectives. What may represent strengths concerning one objective may be weaknesses (distractions, competition) for another objective. The factors may include personnel, finance, manufacturing capabilities, and all of the marketing mix’s 4Ps.

External factors include macroeconomics, technological change, legislation, and sociocultural changes, as well as changes in the marketplace. Several authors advocate assessing external factors before internal factors.

What is SWOT Analysis

 

Use of SWOT Analysis

 

SWOT analysis has been used at different levels of analysis in many areas, not just in profit-seeking organizations. Examples include non-profit organizations, governmental units, and individuals. SWOT analysis may also be used in pre-crisis planning and preventive crisis management. SWOT analysis may also be used in creating a recommendation during a viability study/survey. Subscription databases that are available in many libraries, regularly produce new SWOT analyses of companies.

 
Strategy building
 

SWOT analysis can be used to build organizational or personal strategies. Steps necessary to execute strategy-oriented analysis involve identification of internal and external factors (often using the popular 2 × 2 matrices), selection and evaluation of the most important factors, and identification of relations existing between internal and external features.

For instance, strong relations between strengths and opportunities can suggest good conditions in the company and allow using an aggressive strategy. On the other hand, strong interactions between weaknesses and threats could be analyzed as a potential warning and advice for using a defensive strategy.

One form of TOWS matrix combines each of the four components with another to examine four distinct strategies:

  • WT strategy (mini–mini): Faced with external threats and internal weaknesses, how to minimize both weaknesses and threats?
  • WO strategy (mini–maxi): Faced with external opportunities and internal weaknesses, how to minimize
  • weaknesses and maximize opportunities?
  • ST strategy (maxi–mini): Faced with external threats and internal strengths, how to minimize threats and maximize strengths?
  • SO strategy (maxi–maxi): Faced with external opportunities and internal strengths, how to maximize both opportunities and strengths?

Matching and converting

One way of using SWOT is matching and converting. Matching is used to find competitive advantage by matching the strengths to opportunities. Another tactic is to convert weaknesses or threats into strengths or opportunities. An example of a conversion strategy is to find new markets. If the threats or weaknesses cannot be converted, a company should try to minimize or avoid them.

Corporate planning

As part of the development of strategies and plans to enable an organization to achieve its objectives, that organization will use a systematic/rigorous process known as corporate planning. SWOT alongside PEST/PESTLE can be used as a basis for the analysis of internal and environmental factors.

Marketing

In competitor analysis, marketers build detailed profiles of each competitor in the market, focusing especially on their relative competitive strengths and weaknesses using SWOT analysis. Marketing managers will examine each competitor’s cost structure, sources of profits, resources and competencies, competitive positioning and product differentiation, degree of vertical integration, historical responses to industry developments, and other factors.

Tagged With swot analysis in strategic planning analysis journals 2016 to 2021
Facebook Twitter Pinterest

Abhishek Ghosh

About Abhishek Ghosh

Abhishek Ghosh is a Businessman, Surgeon, Author and Blogger. You can keep touch with him on Twitter - @AbhishekCTRL.

Here’s what we’ve got for you which might like :

Articles Related to What is SWOT Analysis?

  • Nginx WordPress Installation Guide (All Steps)

    This is a Full Nginx WordPress Installation Guide With All the Steps, Including Some Optimization and Setup Which is Compatible With WordPress DOT ORG Example Settings For Nginx.

  • Phases of Strategic Management

    Strategic management is a management function in business administration, which deals with the development, planning and implementation of content-related goals and orientations of organizations. The strategic management planning horizons usually include two to five years, although strategically not the same as longer-term, but strategic plans usually have a longer-term time horizon.   Objects of Strategic […]

  • Basics of a Marketing Plan

    A marketing plan is usually a written document that shows how the company assesses the current market situation and its further development, what goals it pursues, and with which strategies and marketing tools it wants to achieve the goals. In addition, there are key figures for monitoring progress and success as well as suggestions for […]

  • Mini Bulb & Mini Bulb Holder Buying Guide for DIY Electronics

    Shopping is Not Easy than it Sounds. They Have Scientific Standards. Here is Mini Bulb & Mini Bulb Holder Buying Guide for DIY Electronics.

performing a search on this website can help you. Also, we have YouTube Videos.

Take The Conversation Further ...

We'd love to know your thoughts on this article.
Meet the Author over on Twitter to join the conversation right now!

If you want to Advertise on our Article or want a Sponsored Article, you are invited to Contact us.

Contact Us

Subscribe To Our Free Newsletter

Get new posts by email:

Please Confirm the Subscription When Approval Email Will Arrive in Your Email Inbox as Second Step.

Search this website…

 

Popular Articles

Our Homepage is best place to find popular articles!

Here Are Some Good to Read Articles :

  • Cloud Computing Service Models
  • What is Cloud Computing?
  • Cloud Computing and Social Networks in Mobile Space
  • ARM Processor Architecture
  • What Camera Mode to Choose
  • Indispensable MySQL queries for custom fields in WordPress
  • Windows 7 Speech Recognition Scripting Related Tutorials

Social Networks

  • Pinterest (24.3K Followers)
  • Twitter (5.8k Followers)
  • Facebook (5.7k Followers)
  • LinkedIn (3.7k Followers)
  • YouTube (1.3k Followers)
  • GitHub (Repository)
  • GitHub (Gists)
Looking to publish sponsored article on our website?

Contact us

Recent Posts

  • Tips on S Pen Air ActionsSeptember 24, 2023
  • Market Segmentation in BriefSeptember 20, 2023
  • What is Booting?September 18, 2023
  • What is ncurses?September 16, 2023
  • What is JTAG in Electronics?September 15, 2023
PC users can consult Corrine Chorney for Security.

Want to know more about us?

Read Notability and Mentions & Our Setup.

Copyright © 2023 - The Customize Windows | dESIGNed by The Customize Windows

Copyright  · Privacy Policy  · Advertising Policy  · Terms of Service  · Refund Policy