Importance of SWOT Analysis: A Creative Approach
SWOT Analysis: What's exactly? A SWOT analysis is a strategic planning tool where a company identifies and examines its internal "Strengths" and "Weaknesses" alongside external "Opportunities" and "Threats" to gain a comprehensive understanding of its competitive position and guide decision-making; the acronym "SWOT" stands for Strengths, Weaknesses, Opportunities, and Threats. Key points about SWOT analysis: Internal factors: Strengths and Weaknesses are considered internal factors within a company, such as its brand reputation, skilled workforce, or outdated technology. External factors: Opportunities and Threats are considered external factors in the market, like emerging trends, competitor actions, or economic fluctuations. Purpose: By analyzing all four aspects, a SWOT analysis helps businesses develop strategies to leverage their strengths, mitigate weaknesses, capitalize on opportunities, and prepare for potent...