![]() ![]() Weaknesses - these are negative qualities that hinder you from excelling, hence put it at a disadvantage against competitors, e.g., limited capital. ![]() Strengths - these are the positive characteristics that separate you from the competition, e.g., a strong brand, skilled staff, etc. So, what do we mean when we talk about strengths, weaknesses, opportunities, and threats? As an entity, you can analyze your position as follows Essentially, using the SWOT analysis technique to understand your business and industry helps you in both strategic planning and decision-making. This helps identify ways an entity can optimize its strengths and opportunities while downplaying its weaknesses and threats to gain a competitive edge and realize objectives. ![]() It can be conducted for a product, person, place, or industry. A SWOT analysis is a planning technique that businesses and individuals use to evaluate their competitive position in the market. ![]()
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