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.
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