What Is The Importance Of SWOT Analysis?
Sign Up to our social questions and Answers Engine to ask questions, answer people's questions, and connect with other people.
Login to our social questions & Answers Engine to ask questions answer people's questions & connect with other people.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
prashanth0011
SWOT analysis is performed to assess and review strategies. Following are some reasons why SWOT analysis is important:
1. Helps in Resource Utilization: Doing a SWOT helps you identify your available resources and to plan how to use those resources effectively and efficiently.
2. Improving Business Operations: Going through your weakness, you can determine the shortfalls in your operations. These short comings can be improved by planning and devising a strategy.
3. Dealing with risks: Threats in SWOT are a form of risk indicator. Knowing and predicting threats beforehand lets you to be prepared with risk mitigation plans.
4. Building a Competitive Strategy: Doing SWOT analysis of your competitors will enlighten you with their short comings and strengths that you can act as opportunity and threat for you respectively.