What's Swot Analysis ?

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A SWOT analysis is commonly used in marketing and business in general as a method of identifying opposition for a new venture or strategy. Short for Strengths, Weaknesses, Opportunities and Threats, this allows professionals to identify all of the positive and negative elements that may affect any new proposed actions. "This analysis leads to business awareness and is the cornerstone of any successful strategic plan," said Bonnie Taylor, vice president of strategic marketing at CCS Innovations. "It is impossible to accurately map out a small business's future without first evaluating it from all angles, which includes an exhaustive look at all internal and external resources and threats. A SWOT accomplishes this in four straight-forward steps that even rookie business owners can understand and embrace." Niki Pfieffer, founder of Niki Pfieffer Designs, noted that many small business owners don't know how to properly use a SWOT analysis to guide their business. "It is about leveraging your strengths, outsourcing and partnering where you are weak, focusing on opportunities, and being aware of threats," she said. The purpose of a SWOT analysis The SWOT analysis enables companies to identify the positive and negative influencing factors inside and outside of a company or organization. Besides businesses, other organizations, in areas such as community health and development and education have found much use in its guiding principles. The key role of SWOT is to help develop a full awareness of all factors that may affect strategic planning and decision making, a goal that can be applied to most any aspect of industry. SWOT is meant to act primarily as an assessment technique, though its lengthy record of success among many businesses makes it an invaluable tool in project management. "A good SWOT analysis serves as a dashboard to your product or services and when
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