SWOT analysis 1

W-O strategy

marketing strategy that focuses on overcoming a business's weaknesses so that the business can pursue opportunities

Strategic planning

Long-range planning (three to five years) for the company as a whole

Opportunity

A favorable situation in the environment surrounding your business

W-T strategy

A marketing strategy that focuses on ensuring that a business's weaknesses don't make it even more vulnerable to the threats it already faces

S-O strategy

A marketing strategy that focuses on opportunities that are a good match with the business's strengths

S-T strategy

A marketing strategy that focuses on using a business's strengths to overcome its threats

SWOT analysis

A marketing tool that investigates a business's strengths, weaknesses, opportunities, and threats, in an organized fashion

Weakness

Any limitation or shortcoming your business has that can keep you from achieving your objectives

Strength

Any resource or capability your business has that can help you gain a competitive advantage in your industry

Threat

Any unfavorable situation in the environment surrounding your busines

environmental scanning

Collecting information about the environment surrounding your business

SWOT matrix

Table that displays the key issues in a SWOT analysis

What is a SWOT analysis?

The SWOT analysis is part of a company's strategic planning process. Weaknesses consider areas in which the companies are at a competitive disadvantage. Opportunities are a list of untapped markets or business developments. Threats explore the external environment that could affect the company, including technological, environmental and regulatory factors.

The primary purpose of a SWOT analysis...

The primary objective of a SWOT analysis is to help organizations develop a full awareness of all the factors involved in a decision.