Explain the relative importance of different elements of a SWOT analysis in helping a company to improve its future prospects.

A SWOT analysis is a process to identify where you are strong and vulnerable where you should defend and attack. The result of the process is a ‘plan of action’, or ‘action plan’. The swot analysis can be performed on a product, on a service, a company or even on an individual. Done properly, a SWOT analysis will give you the BIG PICTURE of the MOST IMPORTANT FACTORS that influence SURVIVAL and PROSPERITY.

1. Reveal your competitive advantages

2. Analyze your prospects for sales, profitability and product development

3. Prepare your company for problems

4. Allow for the development of contingency plans

GOOD ANSWER BY MR. KRISHNA ,,,,,,,,,, AGREED

Organizational strategies are the means through which companies accomplish their missions and goals. Successful strategies address four elements of the setting within which the company operates:

(1) the company's strengths,

 (2) its weaknesses,

(3) the opportunities in its competitive environment, and

(4) the threats in its competitive environment.

This set of four elements—strengths, weaknesses, opportunities, and threats—when used by a firm to gain competitive advantage, is often referred to as a SWOT analysis. SWOT was developed by Ken Andrews in the early1970s. An assessment of strengths and weaknesses occurs as a part of organizational analysis; that is, it is an audit of the company's internal workings, which are relatively easier to control than outside factors. Conversely, examining opportunities and threats is a part of environmental analysis—the company must look outside of the organization to determine opportunities and threats, over which it has lesser control.

Andrews's original conception of the strategy model that preceded the SWOT asked four basic questions about a company and its environment:

 (1) What can we do?

(2) What do we want to do?

 (3) What might we do? and

(4) What do others expect us to do?

The answers to these questions provide the input for an effective strategic management process. While Andrews' original conception of this analysis has been developed and changed to the more streamlined SWOT analysis that we know today, his work is the foundation of this activity.

SWOT:

Strengths: Determine the capacity to operate the business.

Weakness: Determine the difficulties of business.

Opportunity: Forecast the future opportunity.

Threats: Forecast future business will be hamper.

Your answers lies in the question itself SWOT is the complete answer of your question

Strength

Weakness

Opportunities 

Threats

Some times we do also need MoScoW

SWOT analysis most important strategic thing. its an engine to find out the strenght,weakness,opportunities and threat to our company and competitors.if we do the SWOT analysis we can get good decision in different times.its always help to future decision

Strengths: Ignite

Weaknesses: Develop to overcome

Opportunities: Avail

Threats: Know to defend

SWOT analysis is a tool through which we can find the strength, weaknesses opportunities and threats can be identified. 

Yes it is important for a company because a company may adopt the Organization development methodology through which departments and the procedure of company can be developed. The SWOT analysis is now used for organization development and it is important to implement the SOPs in real means.

The SOPs and the policies in the company are documented and used when it needed but if there is Organization development department, it will confirm it in practical......