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In the context of management, what does SWOT analysis stand for?
In the context of management, what does SWOT analysis stand for?
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In the context of management, what does SWOT analysis stand for?
Strengths, Weaknesses, Opportunities, Threats
Systems, Workflows, Objectives, Tactics
Strategies, Workforce, Operations, Technology
Sales, Workforce, Outcomes, Trends
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SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats, and is used for strategic planning.
Questions & Step-by-step Solutions
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Q: In the context of management, what does SWOT analysis stand for?
Solution:
SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats, and is used for strategic planning.
Steps: 7
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Step 1: Understand that SWOT is an acronym.
Step 2: Identify what each letter in SWOT stands for.
Step 3: 'S' stands for Strengths - these are the positive attributes of a business.
Step 4: 'W' stands for Weaknesses - these are the negative aspects that can hinder a business.
Step 5: 'O' stands for Opportunities - these are external chances to improve or grow.
Step 6: 'T' stands for Threats - these are external challenges that could harm the business.
Step 7: Recognize that SWOT analysis is a tool used for strategic planning to help businesses understand their position.
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