Typically, a SWOT analysis is done to assess what factors, in addition to the opportunity and issue analysis?
In addition to the opportunity and issue analysis, a SWOT analysis also assesses the strengths, weaknesses, opportunities, and threats of a specific situation, organization, product, or project. Each of these factors is analyzed to get a comprehensive understanding of the internal and external environment.
Strengths: These are the internal factors that provide a competitive advantage or unique capabilities. They could include a strong brand, technological expertise, skilled workforce, efficient processes, or financial stability.
Weaknesses: These are the internal factors that put the entity at a disadvantage or hinder its success. Examples could be lack of resources, outdated technology, poor reputation, inadequate marketing strategies, or weak financial position.
Opportunities: These are external factors that present potential avenues for growth, improvement, or success. Examples could include emerging markets, changing consumer preferences, developing technology, partnerships or collaborations, or favorable government policies.
Threats: These are external factors that could harm or pose challenges to the entity. Threats could arise from competitors, changing economic conditions, regulatory changes, market saturation, technological obsolescence, or negative publicity.
By analyzing these four factors in a SWOT analysis, organizations can identify their key strengths and weaknesses and seize the opportunities while mitigating threats. This analysis helps in developing strategies, making informed decisions, and setting realistic objectives.