what is SWOT Analysis? Definition, types of strategies-Business science

What is SWOT Analysis? 

SWOT analysis is a strategic planning tool or technique, used to define and determine the strength, weakness, opportunity and threats of a business organisation. It is also look SWOT as TOWS. It is an effect tool to develop four types of strategies by the managers in the management. Every organisation has their own strength and weakness opportunity and threats to avail opportunity and to convert weakness into strength and to remove threats from the organisation the SWOT analysis helps to do. Bye analysing these elements organisation can identify where is to capitalise they are strength and address there weakness take advantages of the opportunities and mitigate potential threat. This help the organisation to improve their performance and better existence in the market. 

Types of strategy in SWOT analysis

a) SO strategies 

b) WO strategies 

c) ST strategies 

d) WT strategies

1.Strengths:- Strength are internal factors that give the business firm competitive advantage over other business frim. 

2. Weakness:- weaknesses are those internal factors of the business form that put the business at a Disadvantage compared to other business firms. 

3. Opportunity:-  opportunity are those external factors, with the help of business faim can take advantage to improve it's position in the market. 

4. Threads:- Threads are those external factors in the business form that may  negatively affect the business's performance and position in the market. 

It is an  tool to develop four types of strategies by the managers in the management. 

Types of strategy in swot analysis

a) SO strategies 

b) WO strategies 

c) ST strategies 

d) WT strategies

a) SO strategy:- it is a strength opportunity of the firm which help the firm to make use of business firms internal strength to take advantage of external opportunity. 

b) WO strategies :- this is the strategy of the firm in which it seeks to improve the business firms internal weaknesses by taking advantages of external opportunities. Sometime internal weaknesses help the business farm to prevent from exploiting external opportunities. 

 

C) ST Strategies :- it is a strategy SWOT analysis which  rely on firm's strength to reduce the impact of external Threads to the business firm. 

d) WT Strategies:- it is a strategy of s w o t analysis which is defensive nature WT strategies see to reduce internal weaknesses and avoid external threats. 

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