What is SWOT analysis? For what is it used?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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What is SWOT analysis? For what is it used?
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A planning tool used to analyze an organization’s strengths, weaknesses,opportunities and threats.
Strengths and weaknesses include elements that are referred to as PRIMO-F: people,resources, innovation, marketing, operations and finance.
Opportunities and threats include concepts referred to as PESTLE: political, economic,social, technological, legal and environmental.
Using info from SWOT, a company can create an action plan to address the business situation identified. A SWOT analysis is framed by the vision.
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