strategic.tools

Briefly About SWOT Analysis

SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis is a useful tool in strategic management.

The SWOT technique helps to analyze different objects of the business process: from the product to the company’s logistics. Moreover, you should not forget about the opportunity to study a competitor using SWOT

Strength

These are the research subject properties that provide a competitive advantage in the market. This is your unique offer.

Weaknesses

Anything that holds back profits and business growth go in this section.

Opportunities

In my opinion, the most difficult point to analyze. After all, the sources of business growth are not always obvious. Especially if traditional methods are exhausted. It is not enough to research the trends and experiences of competitors. Two tips come to mind. First, look at other areas of business.

All the best is usually at the junction, for example, of industries (for example, the use of augmented reality when trying on sneakers online).Second, you team can do brainstorm. Gather a creative persons and generate ideas. Write down everything that comes to mind, and then discuss it.

Threats

Company threats are negative factors that can weaken the competitiveness of the business in the market. Everything can be here – from a pandemic to the dismissal of a key employee. It is important to determine the most significant factors for the selected research object. Obviously, factors for the produced product and for the distribution process analysis are different.

Result

As a result, you should have a well thought out plan of action. This plan should have all business strategy attributes. For example, you should include the scope of work, deadlines, tools, competencies, etc.