This video on SWOT Analysis will acquaint you with all the essential details you need to know for performing a thorough analysis of any strategy, project, or business plan. In this tutorial, you will understand What Is SWOT Analysis along with SWOT Matrix. To help you understand this method of analysis in detail, we will also look at one example. So, let's get started!
The topics covered in this tutorial are:
00:00 Introduction
01:10 What Is SWOT Analysis?
02:29 Understanding SWOT Sections
08:57 Sample SWOT Analysis of Tesla
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Why Should You Study SWOT Analysis?
Throughout your MBA, you will attend multiple seminars to study various business models. These workshops will help you understand the benefits and drawbacks of the greatest business strategies out there. And by evaluating these business models, you will be able to discover business problems that need to be addressed. And a tool that frequently comes up in the business environment to analyze different projects, businesses, and strategies is the SWOT analysis.
Understanding Different Sections of SWOT
✅Strengths are things in which a firm performs exceptionally well or in a way that sets it apart from competitors. In this section of a SWOT analysis, you are supposed to think about the advantages your organization has over the competition.
✅Now that we have analyzed few strengths, we will discover the next SWOT factor, which is Weakness. Weaknesses are the things that a company does that aren’t necessarily positive. These factors can become liability for them. Anything that is not a strength of an organization can become a weakness. Hence, the honest listing of all these factors is quite important. Furthermore, Weaknesses are also inherent features of your organization, so focus on your people, resources, systems, and procedures.
✅Next up is opportunity. Opportunities are chances or prospects for something positive to happen, but you will need to claim them for yourself! The opportunities generally arise from the situations outside your organization. They might develop in the market you serve or in the technology you use. The abilities of your company to compete and take the lead in your market may make a big difference in identifying and seizing opportunities.
✅The final factor we have is a threat. Threats include everything which might have a negative impact on your business from the outside. It's essential to foresee and act against all the risks before you become a victim of them and stagnate your graph of growth. In this threat section of SWOT analysis, consider the barriers you encounter while marketing and selling your goods and jot them here.
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