What role does SWOT analysis play in understanding a business environment?

What role does SWOT analysis play in understanding a business environment?

Step 1: Understand what SWOT stands for: Strengths, Weaknesses, Opportunities, and Threats.
Step 2: Identify the strengths of the business, which are internal factors that give it an advantage.
Step 3: Identify the weaknesses of the business, which are internal factors that may hinder its performance.
Step 4: Identify the opportunities in the business environment, which are external factors that the business can take advantage of.
Step 5: Identify the threats in the business environment, which are external factors that could pose challenges to the business.
Step 6: Analyze all four components together to get a complete picture of the business environment.
Step 7: Use this analysis to make informed strategic decisions for the business.

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