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Strength Weakness Opportunity Threat

SWOT Analysis

Using SWOT analysis is a calculated planning method, which is used to evaluate the strengths, weaknesses, opportunities and threats involved in a business or project enterprise.  This is done by specifying the purpose of the business or company and finding the internal and external factors which are favourable and unfavourable to completing that objective.

A good way to start using the SWOT analysis status is to define a desired end state such as a aim or objective. In addition, a SWOT analysis could be included into a strategic planning model for the business or company related to the analysis. SWOT analysis and strategic planning has always been a major subject of research when a company or business would carry out an analysis. SWOT analysis is short for strengths, weaknesses, opportunities and threats, each word has its own meaning which includes:-

Strengths, which are the attributes of the business or company that are helpful to achieving the objectives such as a new business having a specific niche in a area of a market that no one has invested into. This would become a strength to you as it could lead to having a niche in a market which could be successful.

Weaknesses
are the attributes of the business or company that are harmful to achieving the objectives e.g. a new business would have a weakness as it could fail to break even each month resulting in the business declaring bankruptcy and closing down. It is important that objectives are reachable as well as your aims.

Opportunities are external conditions that are helpful to achieving the objectives, for example if one of your objectives was to expand into a market and a company that was already in the market you expanded to offered to merge with your business, it would be known as a opportunity.

Threats external conditions which could do damage to the objectives, for example if a business had an objective to earn a certain amount of revenue from a product they sell by the end of the month, and another company sold that same product at a competitive rate, it would be a threat to your business as your customers could purchase your competitors product.

 

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