What is SWOT?
A SWOT analysis is a strategic planning tool that is used to assess the Strengths, Weaknesses, Opportunities, and Threats involved in an organization, business or a project. A SWOT analysis is particularly useful in identifying both internal and external factors that are essential in decision-making.
These three steps are typically used in constructing a SWOT analysis:
- Collecting information and data (company, industry/market, customers, news, etc.)
- Analyzing the factors
- Constructing the SWOT chart
The following chart is a sample SWOT analysis:
Remember, the SWOT analysis is meant to be an objective summary tool. Any analysis which lacks good information will result in a biased viewpoint, and may cause you to reach the wrong conclusion. Click HERE to find library databases that help you get high quality and sufficient information.