It can be used for studying various situation of a business:
When to Use SWOT Analysis?Ī SWOT involves identifying the strengths and weaknesses of the organization, and opportunities and threats present in the market that it operates in. It helps us to identify of what is happening internally and externally, so that you can plan and manage your business in the most effective and efficient manner. SWOT analysis is a process where the management team identifies the internal and external factors that will affect the company's future performance. A SWOT analysis is a simple, but powerful, framework for leveraging the organization's strengths, improving weaknesses, minimizing threats, and taking the greatest possible advantage of opportunities. SWOT 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.
SWOT analysis is a technique developed at Stanford in the 1970s, frequently used in strategic planning.
