SKILLS AND PRACTICES BY KARTHIK SAI (RA2311026010075) SWOT ANALYSIS INTRODUCTION
SWOT analysis is a strategic
planning tool used by individuals, organizations, and businesses to assess and evaluate their current situation and make informed decisions about their future. The acronym SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and it represents a structured framework for analyzing both internal and external factors that can impact an entity's performance and success. STRENGTH
Strengths refer to the internal,
positive attributes and resources that an entity possesses. These are the factors that give an organization a competitive advantage or unique capabilities. Strengths can include things like a talented workforce, proprietary technology, strong brand recognition, efficient processes, or financial stability. WEAKNESS
Weaknesses are also internal factors but
represent the areas where an entity is lacking or performs below par. Identifying weaknesses helps organizations recognize areas that need improvement or development. Weaknesses might include a lack of skilled personnel, outdated technology, poor financial management, or inadequate infrastructure. OPPURTUNITIES
Opportunities are external factors
in the environment that an entity can leverage to its advantage. These can include emerging markets, new consumer trends, technological advancements, changes in regulations, or gaps in the competition. Identifying opportunities helps organizations capitalize on favorable conditions and expand their reach. THREATS
Threats are external factors that pose
potential risks or challenges to an entity's success. These could include economic downturns, intense competition, changing consumer preferences, regulatory changes, natural disasters, or geopolitical instability. Recognizing threats allows organizations to proactively prepare for and mitigate risks. • SWOT analysis is a valuable strategic planning tool that enables individuals, organizations, and businesses to gain a comprehensive understanding of their current situation and the factors that can impact their success. By assessing Strengths, Weaknesses, Opportunities, and Threats, SWOT analysis provides a structured framework for decision-makers to make informed choices and develop strategies that align with their goals and CONCLUSION objectives.