Albert Humphrey devised SWOT Analysis in the 1960s. It is one of the most useful techniques that may be applied in order to understand and assess the business’ strengths and weaknesses, and to indentify the opportunities and threats faced. SWOT is an acronym that stands for:
S – Strengths
W – Weaknesses
O – Opportunities
T – Threats
This model is particularly beneficial in that, it can help uncover opportunities that you are well placed to take advantage of. And by understanding the weaknesses of the business, one can manage and eliminate threats that would have otherwise came unexpected later. The technique may be effective for a start-up when there is a need to carve a sustainable niche in a market. Accordingly, analysing your business and your competitors using the SWOT framework may...
To help carry out a SWOT Analysis, a four-box grid can be drawn on a piece of paper. The analysis is carried out taking internal and external environment into consideration. It is important to note that the strengths and weaknesses are deemed as internal factors as they are the skills and assets (or lack of them) that are intrinsic to the company...