What is the purpose of SWOT analysis in management?
Practice Questions
1 question
Q1
What is the purpose of SWOT analysis in management?
To evaluate financial performance
To assess market trends
To identify strengths, weaknesses, opportunities, and threats
To develop employee skills
SWOT analysis is used to identify strengths, weaknesses, opportunities, and threats related to a business or project, aiding in strategic planning.
Questions & Step-by-step Solutions
1 item
Q
Q: What is the purpose of SWOT analysis in management?
Solution: SWOT analysis is used to identify strengths, weaknesses, opportunities, and threats related to a business or project, aiding in strategic planning.
Steps: 6
Step 1: Understand what SWOT stands for: Strengths, Weaknesses, Opportunities, and Threats.
Step 2: Identify the strengths of the business or project. These are the positive aspects that give an advantage.
Step 3: Identify the weaknesses. These are the negative aspects that may hinder success.
Step 4: Identify opportunities. These are external factors that the business can take advantage of to grow.
Step 5: Identify threats. These are external challenges that could harm the business.
Step 6: Use the information gathered to create a strategic plan that leverages strengths and opportunities while addressing weaknesses and threats.
