discuss the importance of swot analysis in strategic management
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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.
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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.
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