What is a SWOT analysis?
A SWOT is a situational analysis and forms the basis of a successful (marketing) strategy.
Thus, the SWOT analysis is a tool that can be employed at any random phase of business or entrepreneurship to create clarity in the current experience. From there, decisions can be made regarding the chosen path and accompanying measures.
SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats that are applicable to your business in relation to the market.
SWOT is an acronym from English: Strengths, Weaknesses, Opportunities, Threats.
Strengths and weaknesses arise from the internal analysis and are related to your business.
Analyze the strengths and weaknesses of your business in relation to the market or your competitors. These are then contrasted with the opportunities and threats, stemming from the so-called external analysis.
These external factors relate to the market or the environment and exist even if your business did not.
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