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SWOT stands for strengths, weaknesses, opportunities, and threats. It is management tools make you analysis and determine your current situation by studying what are your strong points, weak points also what potential opportunities for improvement and what threats or obstacles could make you unable to achieve your goals.
SWOT is analysis tool, so you can you use it to evaluate your current performance, and before taking new decisions. You can use as individual or as a team. One of our line managers said I in love with SWOT analysis so he use it even when I choose parking for my car J
* SWOT stands for strengths, weaknesses, opportunities, and threats.
* SWOT analysis involves identifying your business’s strengths and weaknesses, and examining the opportunities and threats which may affect you.
* SWOT analysis can be used to analyse your organisation and its environment.
* Carrying out a SWOT analysis can help you identify changes that can be made to improve your business.
You could use a SWOT-Analysis at many times. Here are some ideas what you could assess with a SWOT-Analysis:
Review a company or business unit (its position in the market, etc)
Review Marketing Strategy
Review a product or brand, evaluate products or review your company's services
Analyse a business idea
Analyse strategic options, like entering new markets or launching new products
Considering a opportunity to make an acquisition
Examine a potential partnership with a supplier or outsourcing options
Considering an Investment Opportunity
Judge a Project of any kind
Use it in Workshop sessions
Use it as a tool for Problem solving
Revise Business or Strategic Plans
Revise Personal Development Planning or Career development
Use it for Decision Making
Revise the way you are managing your employees
Finding new Innovations in your business
S=Strengths
W=Weaknesses
O=Opportunities
T=Threats
To find development opprotunitis or Opeaning a new project/ company/business/marketing, SWOT analysis is required..
SWOT stands for analysis of internal factors (Strengths and Weaknesses) and external factors (Opportunities and Threats) which impact the subject matter. This analysis is used in may business tasks such as business planning, business development, self development & competitors analysis.
SWOT analysis is important when you are creating a business strategy, when you are making investment for expansion or new business, etc.
SWOT - Strength, Weakness, Opportunity and Threat - we can use this analytical tool mostly before the start of any project to make a better position.
I am agree with all of you. Apart from Internal Organization structure, SWOT Analysis is also applicaple for other organizations.I mean before entering any kind of Business relationship with other organization it is mandatory to obtain Swort Report of that particular organization.It can be obtained through specialized channels who keep track of all business organizations in a specific region. Like KPO'S
Just to add….
SWOT analysis is well-established approach to strategic analysis.
Strengths to exploit Opportunities while managing risks arising from internal Weaknesses and external Threats.
There are some tools & techniques available for Internal & External Analysis
Internal (SW);
Portfolio theory and product life cycle
BCG market growth/share matrix
External (OT);
Five forces model
PEST (Political; Economic; Socio-cultural; Technology)
I hope that may help a bit….
Thanks
S: Strengths
W: Weaknesses
O: Opportunity
T: Threats
This goes to SWOT Analysis which is needed for any business development manager to be effective. By depending on the business strengths and transform them into business opportunities. Also, transform threats to weaknesses and develop them to become strengths instead and then complete the cycle by creating business opportunities.
Ummm well SWOT is Strength weakness oppprtunity and threat! and
We can use it any time when we are going to make a desicion. Wheather personal or professional. It is an evaluation tool mostly used by marketing and product development departments in the organization to evaluate any strategy or new product which they are going to use.
Apart from professional SWOT can be adopted in any of our personal life decision like joinning a new job, buying shares in stock market etc etc
SWOT, and BCG matrics, does same thing for a company, to find know whats in had and how to plan for future which product or service will provide profit which has to be contained and whats new actions to be taken.
But pure strength, weakness, opportunity and threats finding will not lead to progress unless creative ideas are designed to maxmise the chances of innovation in any industry.
Simple for example a product is launched intial stage it will grow and there will be time where it will reach its peak and will have to come down, using creative ideas to improve, promote, innovate and add ons provided it can be contained on teh peak and use the apportunity.
