During a brainstorming session, a company’s leaders define a business objective and use the SWOT tool to analyze business strengths that will help the company accomplish a goal and the weaknesses that will hamper the company’s efforts. Participants also state the conditions -- the opportunities -- that will support the achievement of the objective and the threats that will complicate their efforts. If the final analysis indicates the objective might be achieved, the goal becomes an element of the company’s strategy. If not, another objective is selected and the brainstorming session, employing the SWOT analysis, is repeated. Sponsored Link
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Companies use the SWOT analysis to structure strategic planning brainstorming sessions, which facilitate the evaluation of business alternatives. For example, SWOT analysis is effective in analyzing the introduction of new services and products, participation in joint ventures, the commitment to business expansion and the implementation of new business functions and processes. SWOT analysis is also useful in assessing vendors, product markets and technologies. Advantage: Application
The conduct of a SWOT analysis is consistent regardless of the objective of the brainstorming session for which it is used or the organizational level at which the analysis is performed. Whether used to conduct a competitive analysis, strategic planning or other study, the focus of the SWOT analysis is to identify environmental factors that are either favorable or unfavorable to the achievement of a particular objective. Advantage: Cost
Neither technical skill nor extensive training is required to conduct a SWOT analysis. As a result, an external consultant is not required to obtain satisfactory results from the analysis. Any staff member who has knowledge of the business and its industry can perform...
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