What is SWOT Analysis
SWOT analysis helps us to identify market strength, weakness, market opportunities and threats prevailing in the market in order to face them in proper strategies.
SWOT analysis is a very powerful tool as it uncover several opportunities after brain storming on market trends and niche that we can use them in well placed to exploit. By understanding the weakness of the market we can easily manage and eliminates threats in our business otherwise we will be unaware of these facts.
In strength of SWOT analysis, we will discuss advantages, what betterment we can do for our organization, what’s unique and lower cost resources we can draw for our company, what and how people think about our strengths in markets, which factors increase our sales and revenue generating power and what is our Unique selling proposition.
In weakness of SWOT analysis, we analysis the situation of the market and business trend in order to get an idea that how we can improve ourselves and what should we have to avoid, what are the factor from which people and our potential customers see as our weakness and what are the factors which can lose our sales and revenue generation power.
In opportunities of SWOT analysis process, we find opportunities in the market which are uncovered by our competitors or rivals. We spot good and the best opportunities to increase sales and market share and increase awareness of interesting trends prevailing in the market.
Threats are obstacles that we can face in the future and in this section we analysis what our competitors are doing. We have to increase quality, reliability and stability within the organization in order to face changing in the market, this is also a thread. Change in technology and change in customer taste is also a thread. Cash flow and proper planning have to be done.