What is SWOT analysis in business strategy?
An example of an AI chatbot conversation about SWOT analysis in business strategy.
What is SWOT analysis in business strategy?
SWOT analysis is a strategic planning tool used to identify Strengths, Weaknesses, Opportunities, and Threats in a business.
Can you give me an example of a SWOT analysis?
Sure! For a coffee shop, strengths could be a loyal customer base, weaknesses might be high competition, opportunities could include expanding online sales, and threats might be economic downturns.
How often should a business conduct a SWOT analysis?
It's recommended to conduct a SWOT analysis annually or whenever there are significant changes in the market or business environment.
What are the benefits of using SWOT analysis?
Benefits include better strategic planning, improved decision-making, and a clearer understanding of the business landscape.
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