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SWOT Analysis

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SWOT Analysis

A SWOT Analysis is a method used in market research to analyse four key aspects of a client business or project that could determine the success of said business or project in achieving its objectives. These four aspects are the:  strengths, weaknesses, opportunities and threats.

The aim of a SWOT Analysis is to determine what the major internal and external factors are that may determine the success or failure of the client’s business venture/project. The strengths and weaknesses tend to be internal factors as these are factors that are internal to the subject business, while opportunities and threats are frequently external factors, as these are in the environment external to the business, for example the business ventures of competitor companies.

The list of ‘strengths’ evaluates the positive features of the business, which will likely give it an advantage over its competitors, while ‘weaknesses’ are a list of the negative attributes and characteristics that could put the business at a disadvantage in its market compared to competitors.

‘Opportunities’ are areas that the subject could take advantage of, often by using its strengths, in order to gain an advantage over rivals. ‘Threats’ on the other hand detail the ways that rivals could exploit and gain an advantage over the subject.

A SWOT Analysis is important for the success of a project as it can aid the planning towards achieving the business objective, or indeed determine whether the business objective is at all achievable, if there are a high number of weaknesses or threats. If this is the case, the SWOT will be vital in adapting the business objectives in order to provide more attainable goals.

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