SWOT Analysis is a strategic planning tool used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective.
The first step in using SWOT Analysis is to identify the objectives of the project or business venture. Once these objectives have been identified, the next step is to identify the internal and external factors that could affect the achievement of those objectives. Internal factors include strengths and weaknesses within the organization, while external factors include opportunities and threats posed by outside forces such as competitors, economic conditions, and customer preferences.
SWOT Analysis provides an effective way for organizations to assess their current situation and plan for future success. By identifying both internal and external factors that can affect a project or business venture, it allows organizations to develop strategies that capitalize on their strengths while minimizing their weaknesses. Additionally, it helps organizations identify potential opportunities for growth and anticipate potential threats before they become problems.