SWOT-Analysis
A SWOT analysis is a tool for determining the best strategies for a business given its
strengths, weaknesses, opportunities, and threats. Identifying strengths and weaknesses involve
an internal analysis. Opportunities and threats involve studying external factors in the
environment. .
SWOT has been used by countless practitioners, marketing researchers, and is a frequent and popular tool for business marketing and strategy students. Its simplicity and catchy acronym perpetuates its usage in business and beyond as the tool is used to assess alternatives and complex decision situations. In the business arena the grouping of internal and external issues is a frequent starting point for strategic planning. It can be constructed quickly and can benefit from multiple viewpoints as a brainstorming exercise. Typically, managers first consider internal strengths and weaknesses (at the top row of the 2 x 2 grid) which can include image, structure, access to natural resources, capacity and efficiency, and financial resources. At the bottom row of the SWOT grid, external opportunities and threats including customers, competitors, trends in the market, partners and suppliers, social changes and new technology, and various environmental economic, political and regulatory issues are included. SWOT analysis assists in the identification of environmental relationships as well as the development of suitable paths for countries, organizations, or other entities to follow .
With all its uses and advantages to planners and strategists, the success of SWOT analysis depends on the thoroughness of the internal and external analysis which is a function of time devoted to the task, the number of experts involved, and the level of expert consensus without a list of questions for brainstorming, managers may leave out key variables. It may also not include personal experiences, beliefs, skills, or attitudes of top management and others that may impact the SWOT analysis .
⠀ Gan, L. L., Oviedo, N. (2013). Medical Tourism: A SWOT Analysis of Mexico and the Philippines.Retrieved from: http://dx.doi.org/10.2139/ssrn.2234866.
⠀ Helmes, M. M., Nixon, J. (2010). Exploring SWOT-analysis – where are we now? A review of academic research from the last decade. Journal of strategy and management,Vol. 3, # 3, Pp. 215-251 (P. 216).