The SWOT analysis is an extremely useful tool for understanding and decision-making for all sorts of situations in business and organizations. SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats.
The SWOT analysis headings provide a good framework for reviewing strategy, position and direction of a company or business proposition, or any idea. Completing a SWOT analysis is very simple, and is a good subject for workshop sessions and works very well in brainstorming meetings. It is used for business planning, strategic planning, competitor evaluation, marketing, business and product development and research reports.
A SWOT analysis is a subjective assessment of data which is organized into a logical order that helps understanding, presentation, discussion and decision-making, enabling proactive thinking, rather than relying on habitual or instinctive reactions.
The SWOT analysis is normally presented as a grid, comprising four sections, one for each of the SWOT headings:
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