Question

Ways ago IS SWOT analysis useful in the analysis of your company? What do you hope to discover and how will you use this information in your analysis? Reply

Answer 1

Answer:-

SWOT analysis is very useful technique in developing the business strategy of the company. By analyzing the strengths, weakness, opportunities and threats decision making will be easier for the company. For illustration suppose a company has weakness in certain attributes it can be used to focus on overcoming those attributes. The company can focus on tapping the opportunities where it can explore new avenues useful for the expansion of the business.

The company can get a clearer picture of internal and external environment the business is facing. This can be used for planning and building various strategies which will help the company to increase the profitability and ensure that there in continuous effort made to overcome the challenges faced by the company.

In SWOT analysis company should also take into consideration the potential threats which are making the business environment competitive and should adopt new ways that will help to minimize the impact on the company's business.