What does a SWOT analysis help identify?

A SWOT analysis is a strategic planning tool that is utilized to identify the internal and external factors that can affect the viability of a project or business. It specifically focuses on four key areas: strengths, weaknesses, opportunities, and threats.

Strengths refer to the internal attributes that are helpful to achieving the objective, while weaknesses are internal factors that may hinder success. Opportunities are external conditions that could be advantageous in achieving goals, whereas threats are external challenges that could pose risks to the business or project.

By systematically examining these aspects, organizations can create a meaningful roadmap for strategy development, resource allocation, and risk management, allowing them to leverage their strengths, address weaknesses, capitalize on opportunities, and formulate plans to mitigate threats. This holistic understanding is crucial for effective decision-making and strategic planning. Other options, such as advertising strategies, market share, and financial risks, may be informed by the insights gained from a SWOT analysis but are not the primary focus of this tool.