DEFINITION OF SWOT ANALYSIS
Definition of SWOT Analysis can be easily understood by breaking the abbreviation of SWOT as below:-
S in the Definition of SWOT Analysis.
This strength refers to the capability of an organization, an operation, a department or a personal capability. It concerns the ability to make improvement or uphold certain activity. The lack of it may results negative impact to the business which may include loss of customer, high rework cost etc
W in Definition of SWOT Analysis.
It is the Weaknesses. It is refer the incapability or lack of competencies within the operation of a business such as back room operation, customer relationship, complaint handling etc. Due to the fact that nobody like to disclose their own or department’s weakness, often you find there are not many weaknesses raised by the staffs.
O in the Definition of SWOT Analysis.
Resources for Strategic Planning
It is the Opportunities and it is one factor that has the most potential to keep the business ahead and be more profitable. This is an external factor which you may not have the control over it but everyone are exposed to it. In another word, your competitor see the same opportunities like you and may grab it ahead of you.
T in the Definition of SWOT Analysis.
This is the Threats . it is the one factor among all the four of SWOT is the most detrimental and damaging to the business if nor taken care with. It has the magnitude in destroying all your effort in moving forward with your business. It is not by the way refer to temporary disruption to an operation.
Value in the Understanding of the Definition of SWOT Analysis
Understand the four factors of SWOT can give you better data to conduct your analysis to your business. Therefore, it is of you benefit to take an effort to understand the definition of SWOT Analysis.