Once the competition and the industry have been assessed, a firm
may wish to perform a SWOT analysis. SWOT stands for strengths, weaknesses,
opportunities, and threats. The strengths and weaknesses are internal factors,
whereas opportunities and threats are external factors. A SWOT analysis can be
as high-level or detailed as necessary to understand and bring to light the
challenges and next steps for the firm in creating strategic initiatives. To
fully understand the firm’s competitors and the competitive environment, it is
imperative that the firm compare its SWOT to its competition’s SWOT. Most
business leaders will want to ensure that a SWOT analysis is performed on the
firm at regular intervals and that input on the SWOT is gathered from many
areas of the organization, as well as from the customer.
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