SWOT Analysis is a strategic planning tool used to identify and evaluate the Strengths, Weaknesses, Opportunities, and Threats related to a business or project. This analysis helps organizations understand internal and external factors that could impact their success.
- Strengths are internal attributes and resources that provide an advantage over competitors.
- Weaknesses are internal factors that might hinder performance or create disadvantages.
- Opportunities are external conditions that could be leveraged for growth or advantage.
- Threats are external challenges that could cause problems or risks.
By systematically examining these four areas, organizations can develop strategies to maximize strengths and opportunities while addressing or mitigating weaknesses and threats.