Swot analysis is the acronym which incorporate the internal and external environment i.e. the strengths, weaknesses, opportunities and threats. The strengths and weaknesses are the analysis generated from the internal arena of the business organization while the opportunities and threats are the external forces or problems that disinherit the organization from achieving its optimum goals. It is a strategic planning option that is implement to evaluate the business project to have license to both the favourably and unfavourably objectives.SWOT Analysis helps you carve a sustainable niche in your market
STRENGHT: These are inherent attributes that an organization can use to access organic structure competitive edge over its competitors in the market. In other words, it represents the internal power that gives an organization the access to carry out their tasks and compete with its rival in a profitable market. (Sharplin 1985) An example of strength is the superior research and developmental skills which can be used for new innovations of product development so that a company can gain an edge. It’s said to be a form of skills, abilities, capabilities, core competences that adequately enables an organization to implement its strategies to perform optimally (Barney & Griffin 1992).
WEAKNESSES: These are limitations or constraints which creates strategic disadvantages to the organization’s inability to fulfil its purpose. It stresses on the negativity impact that affects the product or services that an organization use in satisfying its customers (Stall 1995). Weaknesses postulate on the attribute that stops the enhancement of the business and this is risky for an organization because its competitor’s will take over its unique selling position (Cooper 1985).
Strengths and weaknesses are viewed as results of factors that are controlled within the business environment which may be good or bad.
OPPORTUNITIES: They are external conditions that help to achieve goals and...