What is a SWOT analysis and how do I conduct one?
An example of an AI chatbot conversation about SWOT analysis and its application.
What is a SWOT analysis and how do I conduct one?
A SWOT analysis is a strategic planning tool that helps identify Strengths, Weaknesses, Opportunities, and Threats related to a business or project. To conduct one, start by listing these four categories based on your analysis.
Can you give me an example of a SWOT analysis?
Sure! For a coffee shop, strengths might include a loyal customer base, weaknesses could be high competition, opportunities might be expanding to online sales, and threats could be economic downturns.
How often should I perform a SWOT analysis?
It's recommended to perform a SWOT analysis annually or whenever there are significant changes in your business environment.
What are some common mistakes to avoid in a SWOT analysis?
Common mistakes include being too vague, not involving the right stakeholders, and failing to act on the findings.
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