Difference between revisions of "SWOT"
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| + | [[SWOT 2016]] | ||
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| + | == What is SWOT == | ||
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SWOT stands for: strength, weakness, opportunities and threats. | SWOT stands for: strength, weakness, opportunities and threats. | ||
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| + | * Internal: Strength / Weakness | ||
| + | * External: Opportunities / Threats | ||
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| + | * Positive: Strength / Opportunities | ||
| + | * Negative: Weakness / Threat | ||
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| + | == Notes == | ||
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| + | Is something a strength or not? If you produce high-quality goods but at the same time your competitors are producing high-quality goods as well then you cannot classify that as a strength. It becomes more of a necessity rather than strength as it is not giving you the upper hand against your rivals. | ||
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| + | While making the SWOT analysis, you tend to note down these factors and try to come up with a business strategy that focuses less on these things. In other words, you try to minimize the usage of such factors. A key part of analyzing the weakness is to come up with ideas which will not only improve your weaknesses but also match up with the competitors. | ||
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| + | External forces are such that are beyond your control. However, opportunities are the positive external factors. | ||
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| + | Threats are basically the factors which may put your marketing strategy in jeopardy. Not only that, but your entire business is also at risk as well. A key part of SWOT analysis is the assessments of the possible threats that may arise. Since it is an external factor, you have no control over it. However, you can make a contingency plan to combat such risks. | ||
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| + | == Template == | ||
[[File:swot_template.png|800px]] | [[File:swot_template.png|800px]] | ||
Revision as of 14:49, 23 March 2016
What is SWOT
SWOT stands for: strength, weakness, opportunities and threats.
- Internal: Strength / Weakness
- External: Opportunities / Threats
- Positive: Strength / Opportunities
- Negative: Weakness / Threat
Notes
Is something a strength or not? If you produce high-quality goods but at the same time your competitors are producing high-quality goods as well then you cannot classify that as a strength. It becomes more of a necessity rather than strength as it is not giving you the upper hand against your rivals.
While making the SWOT analysis, you tend to note down these factors and try to come up with a business strategy that focuses less on these things. In other words, you try to minimize the usage of such factors. A key part of analyzing the weakness is to come up with ideas which will not only improve your weaknesses but also match up with the competitors.
External forces are such that are beyond your control. However, opportunities are the positive external factors.
Threats are basically the factors which may put your marketing strategy in jeopardy. Not only that, but your entire business is also at risk as well. A key part of SWOT analysis is the assessments of the possible threats that may arise. Since it is an external factor, you have no control over it. However, you can make a contingency plan to combat such risks.
Template
