What is a SWOT Analysis?

SWOT is the acronym for Strengths, Weaknesses, Opportunities, and Threats. A SWOT Analysis is used for research in marketing; to outline the areas of your business or organization that need strengthening, and the opportunities (or threats) that will affect your current marketing strategy.

A SWOT analysis is a simple way to put your company vision into perspective and build on your current successes, while at the same time reducing the overall weaknesses of your business or organization. Also, by understanding your customers, as well as your competitors, you gain from knowing what needs to be accomplished, rather than speculating on previous failures or potential successes.