1. Strengths

• Internal factors that give the business or product a competitive advantage.

• Examples: Strong brand reputation, unique technology, skilled workforce, financial resources.

2. Weaknesses

• Internal factors that put the business or product at a disadvantage.

• Examples: Limited resources, lack of expertise, outdated technology, weak brand presence.

3. Opportunities

• External factors that the business or product can exploit to its advantage.

• Examples: Emerging markets, technological advancements, changes in consumer behavior, regulatory changes.

4. Threats

• External factors that could cause trouble for the business or product.

• Examples: New competitors, economic downturns, changing regulations, shifts in customer preferences.

Outcome of a SWOT Analysis

• Strategic Planning: Helps in developing strategies that capitalize on strengths and opportunities while addressing weaknesses and threats.

• Decision-Making: Aids in making informed decisions about product development, market entry, or other business initiatives.

• Risk Management: Identifies potential risks and challenges, allowing the business to plan for contingencies.

• Prioritization: Helps in prioritizing resources and efforts on areas that will have the most significant impact on business success.

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