SWOT Analysis: A Strategic Planning Resource

Topics: Market research, Marketing, Marketing research Pages: 4 (1224 words) Published: October 22, 2011
SWOT analysis (alternately SLOT analysis) is a strategic planning method used to evaluate the Strengths, Weaknesses/Limitations, Opportunities, and Threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieve that objective. The technique is credited to Albert Humphrey, who led a convention at Stanford University in the 1960s and 1970s using data from Fortune 500 companies. A SWOT analysis must start with defining a desired end state or objective. A SWOT analysis may be incorporated into the strategic planning model. Strengths: characteristics of the business or team that give it an advantage over others in the industry. Weaknesses (or Limitations): are characteristics that place the firm at a disadvantage relative to others. Opportunities: external chances to make greater sales or profits in the environment. Threats: external elements in the environment that could cause trouble for the business. Identification of SWOTs is essential because subsequent steps in the process of planning for achievement of the selected objective may be derived from the SWOTs. First, the decision makers have to determine whether the objective is attainable, given the SWOTs. If the objective is NOT attainable a different objective must be selected and the process repeated. The SWOT analysis is often used in academia to highlight and identify strengths, weaknesses, opportunities and threats.[citation needed] It is particularly helpful in identifying areas for development.[citation needed] Contents [hide] 1 Matching and converting

2 Internal and external factors
3 Use of SWOT analysis
4 Criticism of SWOT
5 SWOT - landscape analysis
6 Corporate planning
6.1 Marketing
7 See also
8 References
9 External links
[edit]Matching and converting

Another way of utilizing SWOT is matching and converting.
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