What does SWOT analysis mean? Can you also tell me the meaning of Personal SWOT analysis

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SWOT Analysis Kerry 1 year 2 Answers 4696 views Contributor 0

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  1. SWOT is probably the most commonly used and known tool of situation analysis. It allows you to take a snapshot of the situation of your project at one instant of time. Using such tool, you divide the factors that affect your project using two axes: internal vs external and good vs bad. This way, you have four types of factors:
    Assets that you can control and use as competitive advantages.
    Issues that like under your control and they represent weak points for you.
    Factors that exist outside your control zone and you can exploit/utilize for your benefit.
    Factors that exist outside your control zone and represent threat for your project.

  2. SWOT Analysis refers to 4 segments of an organization.
    Strength means the assets of the organization. It could be the organization’s skilled workforce, technological advancements, infrastructure, brand image or customer acquisition methods. Anything that helps the organization to grow and be profitable is its strengths. Strengths are what keeps the organization afloat. For example, Apple has its technology and brand image as a strength and Amazon’s strength is its supply chain and customer acquisition program.
    Weakness means the liability of the firm, anything that weighs it down and prevents it from growing is its weakness. The organizations poor R&D, unskilled workforce, poor brand image are its weakness. For eg, Nokia failed due to its inability to adjust to the Android software.
    Opportunity means the area in which the organization can grow and develop in. If an organization can use its current selling product to launch another one, it is an opportunity for the firm. If the skilled workforce can be used to develop their own software system or technology, it will also be considered as an opportunity. For example, Google used their current presence to launch Andriod software and phones.
    The threat is anything that can harm your profits and market presence. If a country changes its policy’s of trade and it could affect your business, then it is a threat. If an opponent comes out with a similar product at a cheaper price then, it is a threat to your firm.
    For example, Chinese products are a threat if they match up to the quality.

    And yes you can evaluate yourself with SWOT analysis. I have mentioned an example below:
    Strengths: Education, good communication skills, Microsoft office expert, trained in marketing and advertising.
    Weakness: Lacks punctuality, Perfectionist, Fierce and ruthless.
    Opportunities: Quick learner, can do well in any circumstance, ready to travel for business.
    Threat: Burnout and unfair remuneration.
    I hope I have made the concept clear to you if you still have any further questions feel free to post them on this website.

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