SWOT analysis guides the organization to identify product strengths, weaknesses, opportunities, and threats. Only by better understanding ourselves, our rivals and the environment can we adapt to and cope with changes faster and better.
Strengths and weaknesses are internal factors of a company (product), which are affected by product quality, materials, personnel, machines, channels, services, and other factors.
Opportunities and threats are external factors of a company (product), which are influenced by the market, economy, society and policies.
8 Steps for Performing SWOT Analysis
Establish the objective of your SWOT analysis
Conduct necessary research for your business, industry, and market
Identify your business’s strengths
Identify your business’s weaknesses
Identify potential opportunities for your business
Identify potential threats to your business
Develop a strategy and actions to address issues in the SWOT
Prioritize the order for the actions to be taken as an implementation plan
SWOT Analysis Example - Renewable Energy
