What is SWOT Analysis

 SWOT Analysis is a strategic planning tool used to evaluate the Strengths, Weaknesses, Opportunities, and Threats associated with a business, project, or decision. It helps organizations understand their internal capabilities and external environment to make informed decisions. Here's how it works:

Components of SWOT Analysis:

1. Strengths (Internal):

   • Factors that give the business or project a competitive advantage, such as unique expertise, strong brand reputation, or efficient processes.

2. Weaknesses (Internal):

   • Areas where the business or project is vulnerable or underperforms, such as limited resources, poor customer satisfaction, or outdated technology.

3. Opportunities (External):

   • Favorable external conditions or trends that can be leveraged for growth, like emerging markets, changes in customer needs, or technological advancements.

4. Threats (External):

   • External challenges that could negatively impact the business or project, such as economic downturns, new competitors, or regulatory changes.

Purpose:

SWOT analysis allows businesses to:

• Assess their current position.

• Identify potential growth strategies.

• Mitigate risks and address weaknesses.

• Capitalize on strengths and opportunities.

It's a versatile tool used across industries for decision-making, marketing planning, project evaluation, and even personal development.