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SWOT Analysis

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What is a SWOT Analysis?
SWOT Analysis is an easy method of assessing the viability of a new business project by identifying key areas of importance to the project. SWOT analysis is a great management tool which can used to quickly gather ideas and opinions of team members who are engaged in achieving a common objective.

SWOT Analysis Model
SWOT Analysis enables team members to identify internal and external factors that are both favorable and unfavorable to achieving a business objective. The basic SWOT model provides a simple vehicle to focus on strengths, weaknesses, opportunities and threats and is used as an effective management resource by both top corporations and small businesses.

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History of the SWOT MatriX and SWOT Analysis
The SWOT matrix and the SWOT analysis technique is credited to Albert Humphrey (1926 2005). Albert Humphrey was a business and management consultant who specialised in Organisational Management and cultural change. Humphrey devised the SWOT matrix and the SWOT analysis technique using data from Fortune 500 companies.

What is a SWOT Analysis?
The technique is a strategic planning method used to evaluate the Strengths, Weaknesses/Limitations, Opportunities, and Threats involved in a in a business venture or a project. This management tool is extremely popular with entrepreneurs and established businesses. It is fun to work with SWOT analysis and results in people being able to focus on any task and highlight any possible risks to the business or new projects. The acronym SWOT stands for:is a SWOT Analysis? acronym SWOT stands for:

STRENGTHS
WEAKNESSES
OPPORTUNITIES
THREATS

Brainstorming using SWOT Analysis
Before undertaking SWOT analysis is is critical to identify the business objective of a project. For instance in marketing the objective might be to develop a new gardening product. Brainstorming sessions are great fun and highly effective. How to conduct a brainstorming session:

Invite at least 4 team members of your group to the SWOT Brainstorming session

Display a SWOT Analysis chart - see example below
Decide on a specific question - in this case " e.g. " What would be a creative name for our new product?"
Explain to your group the use and objective of the SWOT Analysis
Start the brainstorming session and note on your chart all of the SWOT elements that the team identifies
After the brainstorming session, type up the results of the SWOT Analysis and issue to the team

Use the results as a basis for strategic planning for your business or project

 

 

Blank SWOT Analysis Template and Example
The following blank SWOT Analysis template and example can be used to create your own chart.

 

Example SWOT Analysis Template & Format


SWOT ANALYSIS TEMPLATE

Objective / Question: ___________________________________ ________________________________________________________________
 
HELPFUL
To achieving the business objective
HARMFUL
To achieving the business objective

STRENGTHS
(Internal Origins - attributed to the business)
 

 

 

 

 


WEAKNESSES
(Internal Origins - attributed to the business)

OPPORTUNITIES
(External Origins - attributes of the business environment)
 

 

 

 

 


THREATS
(External Origins - attributed to the business environment)

 

HELPFUL
To achieving the business objective
HARMFUL
To achieving the business objective

Blank SWOT Analysis Template
A blank SWOT analysis template can be used as a basis for this useful business activity.

The following SWOT analysis examples provide illustrations of the type of entries which might be included in the completed SWOT matrix taking an example objective 'to develop a new gardening product'

SWOT Analysis - Strengths
STRENGTHS relate to Internal Origin,  attributed to the business. Examples might be skills, experience, retail outlets, unique idea etc

SWOT Analysis - Opportunities
OPPORTUNITIES relate to an External Origin - attributes of the environment. Examples might be expanding market, 'green' concept, technology

SWOT Analysis - Weaknesses
The WEAKNESSES relate to Internal origins - attributed to the business environment. Examples: No internet presence, lack of marketing expertise, limited finance for advertising purposes

SWOT Analysis - Threats
The THREATS relate to External Origins - attributed to the business environment. Examples: Political factors, Economic factors, Social factors and Technological factors (referred to as PEST which is explained below)

Example SWOT Analysis Template & Format

SWOT Analysis and P.E.S.T.
The Threats are perceived as harmful to the business objective and are created by outside influences.  Examples: Political factors, Economic factors, Social factors and Technological factors:

Business Analysis and P.E.S.T.
PPolitical factorsTax policy, labour law, environmental law, trade restrictions, tariffs and political stability
EEconomic factorsEconomic growth, interest rates, exchange rates and the inflation rate
SSocial factorsCultural aspects, health & safety, age distribution
TTechnological factorsTechnological shifts that can affect costs and quality

Importance of SWOT Analysis
The importance of this type of business and company Analysis should not be underestimated and can be critical in ensuring the success of strategic planning. Make sure every member of the team agrees to the idea and works to meet the objectives of the team.

 

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SWOT Analysis Template

Business Analysis Template
Free hints , tips and information
Easy techniques and Analysis
Business Analysis template
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The Importance of Company Analysis
Brainstorming ideas and techniques
Examples of Analysis template
 

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SWOT Analysis Template

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