DESIGN & BUSINESS STRATEGIES (SWOT ANALYSIS)

SWOT ANALYSIS

WHAT IS SWOT ANALYSIS?

The words swot come from the acronym strength, weakness, opportunity, and threat. The use of swot analysis is to identify our strength, weakness, opportunities, and also our  threat, this is importance to identify our self. Other than that SWOT analysis is a situation analysis carried out for different purposes, usually but not necessarily by businesses.

In this analytical model, strengths and weaknesses are considered as the internal factors, completely controllable by the organization itself. Opportunities and threats, on the other hand, are regarded as external factors that might or might not be controllable by the organization. The model states that after thoroughly analyzing every element lying in these categories, an organization should work towards managing and developing further the strengths and opportunities while weaknesses and threats should be eradicated.

When drafting a SWOT analysis, individuals typically create a table split up into four columns to list each impacting element side-by-side for comparison. Strengths and weaknesses won't typically match listed opportunities and threats, though they should correlate somewhat since they're tied together in some way.

SWOT Analysis is a simple but useful framework for analyzing your organization's strengths and weaknesses, and the opportunities and threats that you face. It helps you focus on your strengths, minimize threats, and take the greatest possible advantage of opportunities available to you.

It can be used to "kick off" strategy formulation, or in a more sophisticated way as a serious strategy tool. You can also use it to get an understanding of your competitors, which can give you the insights you need to craft a coherent and successful competitive position.

When carrying out your analysis, be realistic and rigorous. Apply it at the right level, and supplement it with other option-generation tools where appropriate.

REFERENCE

• Nicole fallon taylor,(2016). Business News Daily: Swot analysis, what it is and when to use it. [Online] http://www.businessnewsdaily.com/4245-swot-analysis.html Available at: 1 April 2016
• (2016). Mind Tool. Swot analysis: Discover new opportunities, manage and eliminate threat. [Online] https://www.mindtools.com/pages/article/newTMC_05.htm
• Jim Makos (2014): Pestle Analysis :What is swot analysis- A simplified defination [Online] http://pestleanalysis.com/what-is-swot-analysis/