What is SWOT Analysis?

12 April 2023by dijitalgen0

What is SWOT Analysis?

Swot analysis is used to identify the strengths and weaknesses of a business, to identify threats and opportunities that may come from the external environment and to take precautions against them. In summary, every business has threats and opportunities. When these threats and opportunities are properly analyzed, success can be achieved both personally and as a business.

SWOT is an abbreviation of four English words;

Q: Strenghts: It means identifying the strengths/superiorities of the business.

W: Weakness: It means identifying the weak/weak aspects of the business.

O: Opportunities: It refers to the opportunities that the business has.

T: Threats: Threats that the business has faced and may encounter.

Questions to Ask While Preparing a Swot Analysis;

Strengths (S)

What are the areas where I am or could be good?
How can I distinguish myself from other businesses?
What are my biggest achievements as a business?
What are my strengths?
Why am I different from my competitors?
What can I do differently from other businesses?
What are the advantages of your company?

Weaknesses (W)

What am I having trouble doing?
What should I improve?
What kind of work do I not like to do?
What are the factors affecting your sales?

Facilities (O)

What opportunities do I have ahead of me?
What opportunities did I take advantage of?
What are the situations that create opportunities?
New developments in technology?
How can I do what my competitors can’t?

Is my industry developing?

Threats (T)

What harm can my strengths and weaknesses do to me?
What are the factors that can hinder my development?
Can changing conditions pose a threat?
Do I have financial problems?

In SWOT analysis;

the internal structure of the business,
The environment and external conditions in which the business operates,
The target audience of the business and those affected by the business activities are evaluated.

When to Use SWOT Analysis?
During the development of a strategic planning,
In the stages of problem identification, solution creation,
It should be used in the analysis of situations where quantitative data is insufficient and information is in people’s memories.

Evaluation of the Result of the Swot Analysis

After answering the questions about the four main topics in SWOT analysis, some evaluations should be made. For example;

How can we evaluate and use our strengths?
How can we strengthen and neutralize our weaknesses?
How can we make the most of the opportunities ahead?
How can we defend against threats?
As you can see, SWOT analysis is a simple but important tool. It allows you to focus on your strengths, while minimizing threats. Swot analysis is used as a serious strategy tool. In this way, it allows you to enter into a successful competition with your competitors by giving you different perspectives.

As Dijital Gen, we have come to the end of the information we will give today about SWOT Analysis. We hope it caught your attention and benefited you. See you in our next article.

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