What are the differences between SWOT analysis and other strategic tools?

What are the differences between SWOT analysis and other strategic tools?

SWOT analysis focuses on strengths, weaknesses, opportunities, and threats, while other tools like PESTLE analyze external factors.

Can you explain how PESTLE differs from SWOT?

Sure! PESTLE examines Political, Economic, Social, Technological, Legal, and Environmental factors, providing a broader external context.

What about Porter's Five Forces?

Porter's Five Forces analyzes industry competitiveness by looking at supplier power, buyer power, competitive rivalry, threat of substitution, and threat of new entrants.

Which tool is better for startups?

It depends on the context. Startups often benefit from SWOT for internal assessment, but PESTLE can help understand market conditions.

Can you give me an example of using SWOT in a business?

Absolutely! A tech startup might identify its strong innovation (strength), limited funding (weakness), growing market demand (opportunity), and intense competition (threat).