What is a SWOT analysis?

Author: By Tatsiana Straltsova, MSc International Marketing, University of West London

Based on the article http://www.businessnewsdaily.com/4245-swot-analysis.html

It is hard to imagine, but the SWOT analysis, which is believed to be one of the most useful and vital analyses while assessing business issues, was already created half a century ago. It comprises 4 elements (S – strengths, W – weaknesses, O – opportunities, T – threats) and helps specialists estimate their strategic marketing decisions in a comprehensive and entire way. These 4 elements are divided into internal and external factors, and the analysis usually begins with identifying of internal ones.

Internal factors, such as strengths and weaknesses, implicate advantageous as well as disadvantageous resources (financial, human, technological etc.) available for an organization in the given point of time for implementing a business decision.

External factors (opportunities and threats) are factors beyond the control of an organization. These include main market and economic trends; social, political and economic specifics of a country where goods are produced as well as of a country of target customers; external human relations (e.g. between company representatives and clients, between company representatives and suppliers etc.).

To conduct your own SWOT analysis, you can download a helpful worksheet with suggestive questions to each factor from https://www.mindtools.com/pages/article/newTMC_05.htm