SWOT Analysis is a strategic planning technique that is used to evaluate the strengths, weaknesses, opportunities, and threats of a project or in a business entity. It involves finding out the objectives of the business venture or project, and also pinpointing the internal and external factors that are favorable and unfavorable to attain that objective.
SWOT analysis must begin with the definition of a desired result or objective. It is also sometimes incorporated into the strategic planning model.
● Strengths − Characteristics that give an advantage over others in the industry.
● Weaknesses − Characteristics that are a disadvantage.
● Opportunities − External chances to improve in the environment.
● Threats − External elements that could cause trouble for the business.