SWOT analysis is a widely used strategic planning method to evaluate the Strengths, Weaknesses, Opportunities and Threats involved in a business and marketing strategy. This analysis process involves identifying the internal and external factors that can affect in favor or adversely to achieve the desired goal or objective. This method was first showed by to famous US management consultant Albert Humphrey.
SWOT analysis is done to finalize the objective or goals depending upon the internal and external factors. It is always advisable to have a practical goal for a business or company. SWOT analysis helps to determine whether a proposed goal or objective is actually achievable or not.
Main areas of SWOT analysis are
SWOT analysis helps a company to identify all the important factors and risks for which a proper mitigation plan can be prepared even before starting working on the proposed plan.
Aim and characteristics of SWOT Analysis
We have added one SWOT analysis below for one Indian IT company.
Here, we have considered all the internal and external factors and classified them in the Strengths, Weaknesses, Opportunities and Threats.