What is a SWOT analysis and can you provide an example?

What is a SWOT analysis and can you provide an example?

A SWOT analysis is a strategic planning tool used to identify Strengths, Weaknesses, Opportunities, and Threats of a business or project. For example, a local coffee shop might identify its strong community presence as a strength, while high competition could be a threat.

Can you elaborate on how to conduct a SWOT analysis?

Sure! To conduct a SWOT analysis, start by listing your strengths and weaknesses internally, then identify opportunities and threats from the external environment. Engage team members for diverse insights.

What are some common mistakes to avoid in a SWOT analysis?

Common mistakes include being too vague, failing to prioritize factors, and not involving a diverse group of stakeholders. It's important to be specific and realistic.

Can you give me a real-world example of a SWOT analysis?

Certainly! For instance, Starbucks might identify its strong brand recognition as a strength, high operational costs as a weakness, expansion into emerging markets as an opportunity, and economic downturns as a threat.