How important SWOT analysis as one of the core strategy tools?

SWOT (Strength Weakness Opportunities Threats) is the biggest tool for starting any event as like business, innovation and self assessment. This tool helpful to understand the actual situation for sustainability of present and future. For example, if we start a new business initially we need SWOT assessment whether we go to business or not. It helps to set the strategy for that reasons I always follow this assessment.

Hi Sir..

SWOT Analysis is a useful technique for understanding your Strengths and Weaknesses, and for identifying both the Opportunities open to you and the Threats you face.

Used in a business context, a SWOT Analysis helps you carve a sustainable niche in your market.

What makes SWOT particularly powerful is that, with a little thought, it can help you uncover opportunities that you are well placed to exploit. And by understanding the weaknesses of your business, you can manage and eliminate threats that would otherwise catch you unawares.

More than this, by looking at yourself and your competitors using the SWOT framework, you can start to craft a strategy that helps you distinguish yourself from your competitors, so that you can compete successfully in your market.

Strengths and weaknesses are often internal to your organization, while opportunities and threats generally relate to external factors. For this reason the SWOT Analysis is sometimes called Internal-External Analysis and the SWOT Matrix is sometimes called an IE Matrix.

Rgds

Rajiv

Core strategy because of performance appraisal and the log frame work in which you can identify the risk/threats and assumption and if the performance indicator is negative you can move to other plan and if it is positive you can move forward.

same for the weaknesses and strengths respectively. so there for it is important strategy and core strategies