SWOT Analysis
The SWOT analysis is an extremely useful tool for understanding and decision-making for all sorts of situations in business and organizations. SWOT is a framework for identifying and analyzing the internal and external factors that can have an impact on the viability of a project, product, place, or person. It is a useful technique for understanding your Strengths and Weaknesses, and for identifying both the Opportunities open to you and the Threats you face. so, it is a study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats. The primary objective of a SWOT analysis is to help organizations develop a full awareness of all the factors involved in a decision.
R.W. Griffin said, “SWOT analysis is a careful evaluation of an organization’s internal strengths and weaknesses well as its environmental opportunities and threats”.
It is a tool that identifies the strengths, weaknesses, opportunities, and threats of an organization. Specifically, SWOT is a basic, straightforward model that assesses what an organization can and cannot do as well as its potential opportunities and threats. The method of SWOT analysis is to take the information from an environmental analysis and separate it into internal (strengths and weaknesses)” and external issues (opportunities and threats). Once this is completed, SWOT analysis determines what may assist the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve desired results.
