SWOT analysis

SWOT analysis
 
SWOT analysis is actively used to develop management and strategic solutions. As one of the planning and management methods, SWOT analysis of an enterprise is a universal tool for assessing the company's position in the market or the future of a project. The object of research can be both an organization in general and a separate product, goods or service.
The basis for SWOT analysis is the search for strengths and weaknesses of the company, as well as the opportunities and threats or risks facing the organization. SWOT analysis includes the compilation of a matrix of these four parameters, as well as the formulation of conclusions and recommendations affecting the competitiveness of the organization. The initial information for the development of a SWOT analysis matrix is the entire set of data obtained about the organization, product or service that is both publicly available (analysis of documents, expert statements, media reports) and private data (results of market research, sociological research, corporate research). Strengths and weaknesses usually relate to the internal environment, and opportunities and threats to the external one.
Strengths of SWOT analysis are those characteristics of an organization, product or service that stand out from competitors and provide an advantage over other market participants.
Weaknesses are uncompetitive factors that must be changed. These characteristics include both managerial and technological or image parameters that do not allow the company to develop in the market.
Opportunities are specific environmental factors that allow an organization to improve its position in the market.
Threats are also part of the external environment of an organization. These are factors and trends that may adversely affect the company's operations.
Although SWOT analysis implies the division of all factors into 4 areas, we can consider each of the groups separately by applying different analytical techniques.
PEST analysis may be useful for considering the company's favorable opportunities and existing risks. It includes the identification of the political (P), economic (E), social (S) and technological (T) aspects of the macro environment that affect the operation of the organization.
The main conclusions from the results of SWOT analysis are recommendations for improving the company's or project's weaknesses, as well as recommendations for reducing risks and threats. On the other hand, some strengths or opportunities may be hidden from market participants. Hence, there is a need to focus on these aspects of activity.
 

 

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