SWOT Analysis
What is it?
SWOT analysis is a strategic planning tool that evaluates the Strengths, Weaknesses, Opportunities, and Threats of an individual, organization, project, or business venture. It involves identifying internal and external factors that can impact the entity's performance and decision-making, helping to develop strategies to leverage strengths, address weaknesses, capitalize on opportunities, and mitigate threats.
Imagine you're planning to start a small lemonade stand. Here's how SWOT analysis might work:
1. Strengths (Internal):
These are the positive things you have control over. Example: High-quality secret recipe for lemonade, enthusiastic and friendly staff, prime location in a busy neighborhood.
2. Weaknesses (Internal):
These are internal factors that might be a disadvantage. Example: Limited funds for marketing, small stand size, inexperienced team.
3. Opportunities (External):
These are external factors that could positively affect your lemonade stand. Example: Local events happening nearby, a trend of people looking for healthier beverage options, a potential partnership with a nearby bakery.
4. Threats (External):
These are external factors that could pose a challenge. Example: Competition from other beverage stands, unpredictable weather affecting sales, rising prices of lemons.
By analyzing these four aspects, you can develop strategies like promoting your secret recipe (strength), finding creative ways to market with limited funds (ad ...