SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Strengths and weaknesses are considered to be internal factors whereas opportunities and threats are considered as external factors. in this article how to start writing SWOT analysis is discussed.
SWOT analysis is used to evaluate strengths, weaknesses, opportunities and threats in a business venture or a project. It is involved in the determination of the target of a business venture or a project. It is the most known tool for the analysis and audit of the whole strategic position of the business and its environment. It is an important part of business or marketing plan.
Steps in writing SWOT analysis
- SWOT analysis starts by administering a list of internal strengths and weaknesses in your organization and then conducts external factors i.e., opportunities and threats which may affect the organization.
- Set up all the strengths of your company which will make your product launch a success. This may include a financial backing team or a good management team in the field. Strengths are the abilities that can be used to develop a competitive advantage. Strengths are within the organizational control. In this section list the things that make your product good like cost advantages, reputation among customers, etc.
- Assess your weaknesses, which is the hardest step of the SWOT analysis. Lack of specific strengths may be viewed as weakness. You should identify the difficulties which may lead you to failure. List the bad things in this section that may affect your success like poor reputation, deficiency of patent protection, weak brand name etc.
- Try to look for the possible opportunities available to you. This section mainly concentrates on the things that you could use to get ahead. It focuses on external factors that describe the reason for an organization to exist and develop. In this mention what is going on in the economy that will work in favor of the product. Opportunities may be weakening of regulations, unfulfilled consumer needs etc.
- Learn about the threats which may lead to your failure. Threats are the external factors beyond the organizational control. This segment mainly focuses anything outside your company which could lead to the failure in the business. In this mention what is going on in the marketplace that may affect your business. Threats may be like new modulations, shift in users taste, high trade barriers etc.
Once your strengths, weaknesses, opportunities and threats are known, set up all together and work to the future.