During SWOT Analysis, strategies are formed to take advantage of the strengths and opportunities or overcome or neutralize weaknesses and threats.
What is SWOT analysis?
SWOT analysis can be defined as a strategic management technique that is used to assess four (4) main aspects of a business and these include the following:
- Strengths (S)
- Weaknesses (W)
- Opportunities (O)
- Threats (T)
In SWOT analysis, all of the internal resources and assets of a business organization are factors which would be considered as a strength.
Additionally, the information acquired through environmental scanning is used by the executive management to strategically plan the organization's future and exploitation of available opportunities for the success of the organization.
In conclusion, we can reasonably infer and logically deduce that strategies are formed to take advantage of the strengths and opportunities or overcome or neutralize weaknesses and threats during SWOT Analysis.
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