Definition of SWOT Analysis
I present a definition of SWOT analysis according to different sources to help you better understand it – and as you will see – they all say the same thing using different words.
Definition of SWOT analysis according to Wikipedia:
SWOT Analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective. The technique is credited to Albert Humphrey, who led a convention at Stanford University in the 1960s and 1970s using data from Fortune 500 companies.
Definition according to Business Dictionary:
Situation analysis in which internal strengths and weaknesses of an organization, and external opportunities and threats faced by it are closely examined to chart a strategy. SWOT analysis appears in the definitions of the following terms: corporate strategic planning, strategic business plan and strength.
Definition according to Your Dictionary:
SWOT analysis definition: The analysis of a firm’s strengths, weaknesses, opportunities, and threats. A SWOT analysis helps evaluate how a company will perform in a competitive environment.
Definition according to Pearson Education:
SWOT analysis: a technique that takes the findings of the marketing audit and categorises key points as strengths, weaknesses, opportunities or threats.
Definition of SWOT analysis according to Quantum 3:
SWOT analysis is the evaluation of available Information concerning the Business environment in order to identify internal strengths and weaknesses, and external Threats and Opportunities. SWOT analysis is also known as Situational analysis and, when applied to competitors, as Competitor profiling.
Definition according to Lindsay McKenna Limited:
SWOT (Strengths, Weakness, Opportunities & Threats) is an analytical tool that examines the interaction between the Business or the proposed change and the external Marketplace.
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