A SWOT analysis is a strategic planning tool used to evaluate the strengths, weaknesses, opportunities, and threats of a business or project. The acronym “SWOT” stands for:
- Strengths: internal factors that give the business or project an advantage over others.
- Weaknesses: internal factors that place the business or project at a disadvantage compared to others.
- Opportunities: external factors that could potentially benefit the business or project.
- Threats: external factors that could potentially harm the business or project.
A SWOT analysis typically involves conducting a comprehensive review of the business or project, considering factors such as the company’s resources, market position, and competitive landscape. Strengths and weaknesses are typically internal factors that are within the organization’s control, while opportunities and threats are external factors that may be outside of the organization’s control.
The purpose of a SWOT analysis is to identify key areas of focus and potential risks or challenges facing the business or project. This information can be used to develop strategies and action plans to capitalize on strengths, address weaknesses, take advantage of opportunities, and mitigate threats.
SWOT analysis is widely used in business and marketing, but it can also be applied to other fields such as UX design, product development, and project management to evaluate the strengths and weaknesses of a product or service and identify areas for improvement.
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