What is mean by SWOT Analysis and how it prepared?
SWOT analysis is a famous part as well as tool of strategic planning and control. SWOT Analysis refers four situations where a business can affect directly or indirectly. These are given below;
1-Â Â Â Â Â Â Strengths (Refers internal powers)
2-Â Â Â Â Â Â Weakness (Disclose internal tactlessness)
3-Â Â Â Â Â Â Opportunities (Refers External possibilities)
4-Â Â Â Â Â Â Threats (Disclose possible losses)Â
Needless to mention it is an extremely constructive tool not only for evaluating different business/project situations but also indicating new hikes. It provides an ideal framework to formulate and criticize any strategy before it gets into action. The best part of SWOT analysis is easiness to do. In modern business SWOT Analysis is a powerful method of brainstorming. Â Thus helps business management to deeply consider the requirements of the business.
Here are some critical business functionalists where SWOT analysis can be used wisely:
- Business planning
- Strategic planning
- Competitor evaluation
- Business/product development
- Research reports
SWOT analysis is also the best way to identify internal and external factors that may be favorable or unfavorable for the business venue. SWOT analysis can be used in team building projects. After this short introduction of SWOT analysis, here we give you a standard format of SWOT analysis for your convenience. From this information you can learn the method of SWOT analysis. Letâ€™s review the standard method of SWOT analysis that is based on four sections.