Purpose:
SWOT Analysis is the one of the important tools in the business analysis, which helps to analyse or identify the strength, weakness, opportunity and threat of the business.
SWOT stands for Strength, Weakness, Opportunity and threat. It helps to develop a strong business strategy by analyzing through SWOT. This analysis helps to identify the potential area and flaws in the business so that the organization can concentrate on the key areas to enhance the development of the business. It majorly helps to differentiate the status of different products of a company according to the market success.
SWOT Analysis helps to build the organization strength even better after identifying and analyzing the strength product or area of the business and it also helps to reverse the weakness product or area in the market, so that the organization can avoid the business failure. By applying the SWOT analysis, the company can asses the current and future potential as well as threat which may harm the business. The main limitation of SWOT analysis is it will not provide solutions for the problem or offer any alternative decisions but it showcase the problem and the threat in the business. In simple words SWOT analysis helps to identify and focus on the key areas in the business
Some articles that related to the SWOT Analysis are as follow;
SWOT Analysis
https://www.mindtools.com/pages/article/newTMC_05.htm
What Is a SWOT Analysis, and How to Do It Right
https://www.liveplan.com/blog/what-is-a-swot-analysis-and-how-to-do-it-right-with-examples/
How to Do a SWOT Analysis for Your Small Business https://www.wordstream.com/blog/ws/2017/12/20/swot-analysis
Strength, Weakness, Opportunity, and Threat (SWOT) Analysis https://www.investopedia.com/terms/s/swot.asp
SWOT Analysis: What It Is and When to Use It
https://www.businessnewsdaily.com/4245-swot-analysis.html
How to Do a SWOT Analysis for Better Strategic Planning
https://articles.bplans.com/how-to-perform-swot-analysis/
Marketing theories – SWOT analysis
https://www.professionalacademy.com/blogs-and-advice/marketing-theories---swot-analysis
The things that SWOT Analysis can do are,
Strength - Things your company good at or the qualities which your company higher than the competitors
Weakness - Things your company bad at and it also show case the area were your competitors are better than you
Opportunity – It denotes the future opportunity for the company to achieve its goals, like key areas or emerging demand for the product or the service which you provide.
Threats – It show case the future threat for the company which may harm the business, like emerging of new competitor’s, fake or negative news coverage regarding the company, change in market environment or customer’s perception.
Some Books and magazines related to SWOT Analysis:
The SWOT Analysis: Using Your Strength to Overcome Weaknesses, Using Opportunities to Overcome Threats | Lawrence G Fine|
https://www.amazon.in/SWOT-Analysis-Strength-Weaknesses-Opportunities/dp/1449546757
SWOT analysis |Alan Sarsby|
https://books.google.co.in/books/about/SWOT_Analysis.html?id=Yrp3DQAAQBAJ&redir_esc=y
Swot Analysis - Idea, Methodology and a Practical Approach | Nandine Pahl, Anne Richter|
https://books.google.co.in/books/about/Swot_Analysis_Idea_Methodology_and_a_Pra.html?id=JJEBWvvG73YC&redir_esc=y