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SWOT Analysis

Commonly used as part of strategic planning, SWOT analysis is a method for analysing a business, its resources and its environment.

A SWOT analysis is a strategic planning tool used by businesses to assess their internal strengths and weaknesses, as well as external opportunities and threats. It stands for:

  • Strengths: These are the positive attributes of a business that give it a competitive advantage, such as its reputation, expertise, or resources.
  • Weaknesses: These are the areas where a business needs to improve or strengthen, such as its infrastructure, processes, or skills.
  • Opportunities: These are external factors that can be leveraged to the business's advantage, such as emerging markets, new technologies, or changing customer preferences.
  • Threats: These are external factors that pose a risk to the business, such as economic downturns, new competitors, or regulatory changes.

A SWOT analysis helps businesses to identify their competitive position and formulate a strategy for growth. It can be used to inform decisions on marketing, product development, partnerships, and other strategic initiatives.

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