SWOT analysis (strengths, weaknesses, opportunities and threats analysis) SWOT analysis is a framework for identifying and analyzing the strengths, weaknesses, opportunities, and threats of an organization and constitutes the acronym SWOT. The main goal of SWOT analysis is to help companies raise awareness of the factors that make business decisions. SWOT does this by analyzing internal and external factors that can affect the feasibility of decision making. The SWOT analysis is most commonly used by businesses, but is also used by nonprofits and, to a lesser extent, individuals for personal evaluation. It can also be used to evaluate initiatives, products, or projects. As an example, the CIO can use SWOT to create a strategic planning template. The framework dates back to Albert Humphrey, who attempted an approach at the Stanford Institute in the 1960s and 1970s. SWOT analysis was developed for enterprises, is based on data from Fortune 500 enterprises, and is used by all types of organizations to assist in decision making. When and why you should do a SWOT analysis SWOT analysis is often used first or as part of a strategic planning exercise. This framework is considered a powerful decision-making aid because it allows organizations to discover previously unspecified opportunities for success and identify threats before they become overstressed. As an example, this exercise can identify niche markets where companies have a competitive advantage. It also helps individuals plan their career success by showing paths to maximize their strengths while alerting them to threats that can impede performance. Elements of a SWOT analysis As the name implies, SWOT analysis examines four elements. Strenghs: Internal attributes and resources that support successful results. Weaknesses: Internal attributes and resources that prevent successful results. Opportunity: External factors that the company can use or use for its benefits. Threat: External factors that can threaten the success of the company. The SWOT matrix is widely used to organize the elements identified under each of these four elements. A SWOT matrix is usually a square divided into four quadrants, each quadrant representing one of a particular element. The decision maker identifies and lists the specific strengths of the first quadrant, the weaknesses of the next quadrant, then the opportunities, and finally the threats. Companies performing SWOT analysis can choose to use a variety of SWOT analysis templates. However, these templates are usually variations of the standard 4-quadrant SWOT matrix. How to do a SWOT analysis SWOT analysis usually requires decision makers to first specify the goals they want to achieve for a company, organization, initiative, or individual. From there, decision makers list their strengths and weaknesses, as well as opportunities and threats. There are several tools to guide decision makers throughout the process, often using a set of questions about each of the four elements. For example, a decision maker can use a question such as "What is better than anyone else?" And "What are the benefits?" Recognize the strengths. You may be asked, "Where do you need to improve?" Recognize weaknesses. Similarly, they will experience questions such as "what market trends can drive sales?" And "Where are your competitors in the market?" To recognize opportunities and dangers. Example of a SWOT analysis The final result of the SWOT analysis should be a chart or list of subject characteristics. Analysis of fictitious retail employees Example: Strengths: Good communication skills, on time shifts, good deals with customers, good deals with all departments, physical fitness, easy access. Weaknesses: Requires long breaks from smoking, has little technical skills, and tends to spend time chatting. Opportunities: Sales reps, customer greetings and product search assistance, customer satisfaction assistance, customer assistance with post-purchase items, purchasing reliability, shelf replenishment. Threat: Breaks can run out of time in top stores, customers can take too long to resell, and chats between departments can take too long.