Question

discuss the importance of swot analysis in strategic management

Answer 1

Answer:

SWOT analysis is a planning methodology that helps organizations build a strategic plan to meet goals, improve operations and keep the business relevant. Final results of the analysis will help the organization determine whether objectives, products, services, projects or goals are a strategic fit.

Explanation:

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Answer 2

Answer:

SWOT stands for Strength , Weakness, Opportunities and Threats.

Importance of SWOT analysis :-

• By leveraging its SWOT analysis, a business can create a strategic plan to meet desired objectives and adapt to changing market conditions
• A SWOT analysis helps organizations get visibility on their current status, letting them understand and measure overall business performance.
• It let business analyze their strength which can help them to penetrate better in market.