Term of the Day - 2 May 2024

Today’s Term is “SWOT Analysis”.

SWOT Analysis is a strategic planning tool used to evaluate the Strengths, Weaknesses, Opportunities, and Threats facing a business or organization. It provides a comprehensive overview of internal and external factors that can impact the organization's performance and competitive position.

Key aspects of SWOT Analysis include:

1. Strengths: These are internal factors that give the organization an advantage over others in the industry. Strengths may include aspects such as strong brand reputation, innovative products or services, skilled workforce, or efficient processes.

2. Weaknesses: These are internal factors that place the organization at a disadvantage compared to competitors. Weaknesses may include areas such as limited financial resources, outdated technology, inadequate infrastructure, or ineffective marketing strategies.

3. Opportunities: These are external factors in the business environment that the organization could potentially leverage to its advantage. Opportunities may arise from market trends, changes in regulations, technological advancements, or emerging customer needs.

4. Threats: These are external factors that could negatively impact the organization's performance and competitive position. Threats may include factors such as increased competition, economic downturns, changing consumer preferences, or legal and regulatory challenges.

SWOT Analysis helps organizations identify areas of strength to capitalize on, weaknesses to address, opportunities to pursue, and threats to mitigate, guiding strategic decision-making and planning for future success.