SWOT analysis is very useful strategy that is implemented in every type of project. It is mainly used to find out the strengths and weaknesses in the project or in the industry or in people. It is also used to find out the opportunities and threats in a system. This analysis is mainly used in businesses. Using the SWOT analysis on the person will help him develop his career and his talents. This analysis is helpful for everyone and for every company. Using SWOT analysis for a company will help you to gain the market value because it identifies the threats and opportunities in the system.
- SWOT analysis in business context: SWOT analysis is used in the business context to increase the business market value. The swot analysis when applied to business context detects many opportunities and threats which can be converted into strengths and weaknesses respectively. it is very powerful tool for the success of any business. Understanding the weaknesses and strengths in the business will help the business to increase the value and to eliminate the weaknesses. You can also compare the weaknesses and strengths with other similar companies so that you can stay in lead role. You can change the strategy of the SWOT analysis so that you can achieve more from it.
- SWOT analysis in personal context: a swot analysis will be used on persons to determine the strengths and weaknesses in him. This is a useful technique for any person who wants to improve his workingstatus and talents. Using this analysis he can improve his abilities and skills easily by determining the weaknesses and strengths in him.
Details on SWOT Analysis
SWOT analysis is as useful as it is in olden days when it is originated.It is often called as kick off strategy and is the most sophisticated one. It is important to know that the strengths and weaknesses are the internal factors of the system and the threats and opportunities are external factors which can be converted into strengths and weaknesses respectively. It is also called as internal- external analysis and SWOT matrix.
Strengths cover the following aspects:
- Advantages in a organization
- What can you do that is benefited to your company
- Your strengths from the perspective of people.
Weaknesses cover the following aspects:
- What are the things you can improve?
- What are the things you should avoid?
- What are the factors that will make you lose your sales?