The S.W.O.T. Analysis is well known in the business planning process which is used by many companies during strategic planning exercises as a way to form strategies and make decisions on new business ventures or initiatives.
SWOT is defined as an analysis that identifies the strengths, weaknesses and the opportunities and threats in relation to an organisation. Strengths and weaknesses are often internal to your organization, while opportunities and threats generally relate to external factors; for this reason, the SWOT Analysis is sometimes called Internal-External Analysis. The internal factors that can be directly controlled by the company are the strengths and weakness. Strengths are the characteristics of the business that give it an advantage over others, so identifying these strengths can help business maintain its competitive advantage. In addition to strengths, another internal factor is the weaknesses which are the characteristics that put your business at a disadvantage to others. On the other hand, opportunities and threats are described as external factors which cannot directly controlled by the company. Opportunities are the factors that business could take advantage of to make greater profits. Besides, Threats are external elements in the environment that could cause trouble for the business.
All in all, a SWOT analysis is not only used for business planning but also for equally powerful in sales and marketing decision-making. A SWOT (strengths, weaknesses, opportunities and threats) analysis can help you identify and understand key issues affecting your business. By using SWOT framework, a marketer can take advantage of strengths, uncover new opportunities, minimize weaknesses, and eliminate threats in amazing ways.
2. Imagine that you are about to open a restaurant in Canberra that will serve Moroccan food. Develop a SWOT analysis for your business
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