SWOT: A strategic approach to analyzing the internal attributes of an organization. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. This is usually done after environmental scanning is performed. Strengths focuses on those components of the business that make it unique and strong. Weaknesses can be those parts that put the company at risk, either now or in the future. Opportunities are possible changes in laws, technology or other variables that create windows for future growth. Threats can encompass new competitors, new regulations, or other dangerous variables that must be addressed. See also | strategic planning | business strategies | marketing plan | business plan | environmental scanning |
