Last Updated by AppNextDoor Labs on 2025-06-11
1. SWOT analysis is an acronym for strengths, weaknesses, opportunities, and threats and is a structured planning method that evaluates those four elements of an organization, project or business venture.
2. Users of SWOT analysis must ask and answer questions that generate meaningful information for each category (strengths, weaknesses, opportunities, and threats) to make the analysis useful and find their competitive advantage.
3. It involves specifying the objectives of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieve that objective.
4. Identification of SWOTs is important because they can inform later steps in planning to achieve the objective.
5. A SWOT analysis can be carried out for a company, product, place, industry, or person.
6. First, decision-makers should consider whether the objective is attainable, given the SWOTs.
7. If the objective is not attainable, they must select a different objective and repeat the process.
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