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Keywords: Diagramming, Business Diagram, SWOT analysis, Business analysis 

SWOT Analysis


A SWOT analysis (also known as SWOT matrix) is a strategic planning technique that is used to assist a person or organization to identify strengths, weaknesses, opportunities, and threats (SWOT) to evaluate a company's competitive position or project planning. A SWOT analysis is designed to facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an organization (for-profit enterprise, governments, NGOS, SME, etc.), its initiatives, or an industry. The organization needs to keep the analysis accurate by avoiding pre-conceived beliefs or gray areas and instead focusing on real-life contexts.

The primary object of a SWOT analysis is to help organizations develop a full awareness of all internal and external factors involved in making a business decision. Internal factors include strengths and weaknesses and external factors include opportunity and risks. 

Individuals that employ SWOT analysis often ask and answer questions to generate meaningful information for each SWOT category. This method was created in the 1960s by Albert Humphrey of the Stanford Research Institute, during a study conducted to identify why corporate planning consistently failed. Since its creation, SWOT analysis has become one of the most useful tools for business analysts.

Generic sample of a SWOT matrix diagram source: Draw.io for Confluence


SWOT is an acronym for the four parameters and it is usual presented in a 2x2 grid or diagram. When working specifically within the Atlassian marketplace (Confluence or Jira) it is possible to use the SWOT template in the draw.io app.

The degree in which the internal environment of the firm matches its external environment is known as strategic fit. Based on the identified SWOTs, business analysts should consider whether the objective is attainable. If the objective is not attainable,  a different objective should be selected and the process repeated. 



Internal factors are considered the strengths and weaknesses. The factors may include personal, financial, and manufacturing capabilities. External factors include macroeconomics, technology change, or sociocultural changes.

There are several questions that you can ask in order to identify the internal and external factors your business or company may encounter.


Strengths
Weakness
Opportunity
Threats


Consider strengths from an internal and stakeholder perspective.



Consider weaknesses from an internal and stakeholder perspective.

  • What are your company's disadvantages?
  • What weaknesses do you face?
  • What is contributing to a weaker brand image?


Consider opportunities from an external perspective.

  • What good opportunities are currently exist?
  • What are some trends that can be utilized and taken advantage of?
  • Are there any changes or advancements in technology or the market that you can take advantage of?
  • Are there any changes in society (consumer preferences, etc.) that you can take advantage of?



Consider threats from an external perspective.

  • What obstacles or barriers currently exist?
  • What are your competitors advantages relative to your own?
  • Is a change in technology threatening to the operation of your company?
  • What threats do your weaknesses put you at risk of?
  • Are there any changes in society (consumer preferences, etc.) that are a threat?



How to Conduct SWOT Analysis

Step 1
Step 2
Step 3

Gather different perspectives - Gather people from different departments or teams, as a variety of perspectives will be crucial in making SWOT analysis successful. List all strengths and weaknesses that currently exist. Strengths need to be maintained and leveraged, while weaknesses need to remedied or stopped. 

Brainstorm - gather an array of ideas and list all opportunities or potential future strengths that exist. In term, list all of the potential threats that exist in the future. Opportunities need to be prioritized and optimized, while threats need to be minimized or countered. In order to organize ideas it is also possible to use other diagrams such as mindmaps

Plan of action - review your SWOT analysis with a view of creating an action plan to address each of the four areas.


SWOT USECASES

Strategy Building
SWOT analysis can be used to create an organizational or business strategy. It is important to identify the relationship between internal and external factors.
Matching and Coverting
The competitive advantage of a business can be found by matching strengths and opportunities. Furthermore, weaknesses or threats can be converted to strengths or opportunities.
Corporate Planning
Corporate planning is crucial when it comes to developing strategies that enable an organization to achieve its objective. SWOT analysis allows for the analysis of internal and external factors.
Marketing
In marketing, it is important to assess each competitor in the market, focusing especially on each competitor's relative strengths and weaknesses using SWOT analysis. It is often necessary to invest in research to perform accurate market analysis.


Resourceful Videos

Draw.io Interactive Diagram
Draw.io Link to a Master Diagram
Draw.io Atlassian Confluence and Jira
SWOT Analysis Explained

Resourceful Links

See also


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This page was last edited on 04/12/2021.