Technology Terms Glossary
What is a SWOT?
SWOT stands for strengths, weaknesses, opportunities, and threats. It is an analysis framework that companies use to assess their competitive drive in the market and build better strategic planning. A SWOT analysis evaluates internal as well as external factors.
Through SWOT analysis, firms evaluate their future and current potential in a competitive market. An effective SWOT analysis focuses on realistic, data-driven, and facts to review the strengths and weaknesses of a company within a specific industry.
SWOT Benefits
Benefits of SWOT include:
- Pro 1: Creates more opportunities
- Pro 2: Helps organizations prepare and resolve threats
- Pro 3: Helps companies reverse their main weaknesses
- Pro 4: Allows companies to determine core competencies
- Pro 5: Ideal information to make strategic plans
Here is a comprehensive article about SWOT.
ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.
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