Question

The SWOT analysis is an important element of _____.



​

Answer 1

A SWOT analysis is a tool that business leaders use to identify strengths, weaknesses, opportunities and threats. Helpful in goal setting and strategic planning, a SWOT analysis can help assess the health of your organization and the prospects for future growth.

Answer 2

Answer:

SWOT analysis is an important element of business planning.

Explanation:

More about SWOT Analysis:

• Meaning- 'SWOT' in SWOT analysis stands for strengths, weaknesses, opportunities, and threats. It is a framework that is used to evaluate an organization's competitive position and to develop strategic planning. The SWOT analysis examines internal and external factors as well as the current and future potential of an organization.
• The SWOT analysis is designed to facilitate a realistic, fact-based, and data-proven view of the strengths and weaknesses of an organization. Also, the organization needs to keep the analysis accurate by avoiding pre-conceived beliefs and instead focusing on real-life facts.

Uses:

• SWOT analysis can be used in different levels of analysis and in different kinds of organizations. For Example; non-profit organizations, government organizations, and profit-seeking organizations.
• It can be used in pre-crisis planning and preventive crisis planning and management, and post-crisis management.
• It can be used to build an organizational strategic plan. Important steps involved in this strategy-oriented analysis are; the identification of internal and external factors and the identification of relations between existing internal and external factors.
• Another important use of SWOT is matching and converting. By matching we mean to find a competitive advantage by matching the strengths to opportunities. By converting we mean to convert weaknesses into strengths of an organization.

At last, we may conclude that SWOT analysis is of great importance for an organization because it will help the organization to find areas of its business that are performing well. These areas are critical success factors and they can give a competitive advantage to the business of that particular organization.

#SPJ2