What is SWOT Analysis?
A SWOT Analysis is a strategic planning tool used to identify the strengths, weaknesses, opportunities, and threats related to a product, project, or business. By analyzing these four elements, teams can make informed decisions about their strategies and priorities.
- Strengths: Internal attributes that give an advantage.
- Weaknesses: Internal attributes that could be improved.
- Opportunities: External factors that the product or project could exploit.
- Threats: External factors that could cause trouble or hinder progress.
Conducting a SWOT analysis helps teams to leverage their strengths, address their weaknesses, capitalize on opportunities, and mitigate potential risks.