From the course: Strategic Planning Foundations
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Conducting a SWOT analysis
From the course: Strategic Planning Foundations
Conducting a SWOT analysis
- Another tool you can use to assess the environment you're competing in is called the SWOT analysis. And SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. And typically, it's drawn on a grid. For strengths and weaknesses, those are typically within your own organization, capabilities you have or don't have. As far as opportunities and threats, they can either be internal or external market-facing opportunities and threats. So let me walk through an example. As you build a SWOT analysis, you'll want to have the team together and have people throw out their ideas. And it's generally a brainstorming session. So perhaps we start our SWOT analysis and we look at our strengths. And our strengths consist of the brands we have, how efficient our supply chain is, the strength of our sales force and how well they sell our products, safety within our manufacturing plants, our recruiting information technology,…
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