What does SWOT analysis stand for?

SWOT analysis is a strategic planning tool used to identify and assess the internal and external factors that can affect the success of a project or organization. The acronym stands for Strengths, Weaknesses, Opportunities, and Threats.

Strengths refer to the internal attributes and resources that an organization possesses, which can be leveraged to achieve its goals. Weaknesses are the internal factors that could hinder the organization’s performance. Opportunities represent the external conditions that could be favorable for the organization’s growth and success, while Threats are external challenges or obstacles that could pose risks to the organization.

Utilizing SWOT analysis allows businesses to systematically evaluate their current position and identify areas for improvement or growth. This framework aids in strategic planning by providing a clear view of both the internal environment and external market conditions. The structure offered by the SWOT analysis is valuable in developing strategies that capitalize on strengths and opportunities while addressing weaknesses and threats effectively.