What is a SWOT analysis?
A SWOT analysis is a strategic planning technique used to identify and evaluate the strengths, weaknesses, opportunities, and threats of a project or business. The analysis is typically conducted by a team of stakeholders and involves identifying internal and external factors that affect the organization.
Strengths and weaknesses refer to internal factors that the organization has control over, such as its resources, capabilities, and processes. Opportunities and threats refer to external factors that the organization cannot control, such as market trends, regulatory changes, and competition.
A SWOT analysis can help organizations make informed decisions about their strategy, identify areas for improvement, and anticipate potential risks. For example, a company might use a SWOT analysis to evaluate a new product line, assess a competitor's strategy, or identify opportunities for growth in a new market.
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