Strengths – WHAT ARE THE CORE COMPETENCIES OF YOUR BUSINESS?
Weakness – WHAT ARE THE AREAS OF IMPROVEMENT OF YOUR BUSINESS?
Opportunity – WHAT ARE THE AREAS WHERE YOU CAN FOCUS ON TO INCREASE REVENUE?
Threats – WHAT ARE THE ENVIRONMENTAL FACTORS WHICH CAN HAMPER BUSINESS?
Modern markets are incredibly dynamic and vulnerable to change. The markets not only depend on the simple consumer-product relationship, but also the popular culture, political sentiments, endorsements, and branding.
In such a dynamic environment, SWOT cannot be a one-time analysis. It has to be an ongoing process for successful decision making. Opportunities to conduct SWOT include periods of strategic review and planning; reaction to competitors’ launching of a new product; to assess and seize opportunities within the industry to remain competitive; checking the feasibility of any new initiative and so on.