If you want to learn more about the SWOT Matrix, you came to the right place.
In this article, I’ll explain the SWOT matrix and examples of each of the elements that fall under it.
The SWOT Matrix is usually the most versatile business strategy framework for most situations.
It helps both businesses and people at an individual level to enhance their situational awareness.
The SWOT Matrix encompasses 4 factors:
These are internal factors such as activities and characteristics that help your company reach its objectives and help your company differentiate itself from its competitors. Examples of strengths are:
- Experienced and knowledgeable staff
- Brand reputation
- Use of technology
- Strategic relationships with other companies
- A geographic location that’s close to suppliers and distributors
- Financial reserves
These are internal factors such as activities and characteristics that could prevent your company from reaching its objectives. Examples of weaknesses are:
- Bad leadership
- Inefficient production processes
- Small working capital
- Talent gaps in a team
These are external factors that could positively impact your company and help your company accelerate its success. Examples of opportunities are:
- Growing and emerging needs for your products and services
- Increasing economic performance at the local and international level
- Favorable government legislation
- Availability of new technologies
- Underserved markets for future products and services
- Lack of competition
- Potential, favorable media coverage for your company
These are external factors that could negatively impact your company and prevent your company from succeeding. Examples of threats are:
- Emerging competitors
- Decreasing demand for your products and services
- Unfavorable government legislation
- Negative media coverage
After completing SWOT matrix, the next logical step is to complete a TOWS matrix, which allows you to formulate strategies based on the elements in the SWOT matrix.
A URL to the article about the TOWS Matrix is below:
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