SWOT Analysis: A Complete Information for Each Component
The article will tell you about the meaning of SWOT. It includes its importance to an organization. Also, you will discover its various components and factors. Additionally, we will provide you with different SWOT examples and templates. This way, you will be more knowledgeable about SWOT analysis. Aside from that, the post will offer an easy-to-understand online tool. So, if you plan to create a SWOT analysis, you can do so. Without further ado, start reading the article and learn everything.
- Part 1. What is SWOT Analysis
- Part 2. How to Do A SWOT Analysis
- Part 3. What is the Importance of SWOT Analysis
- Part 4. SWOT Analysis Templates
- Part 5. SWOT Analysis Examples
- Part 6. FAQs about SWOT Analysis
Part 1. What is SWOT Analysis
SWOT analysis is a diagram/framework for viewing a company’s condition. It is to develop techniques or strategic planning. It assesses the external and internal factors in the company. Also, it can help to visualize the future of the company. SWOT analysis facilitates a realistic and data-driven image of the company’s strengths and weaknesses. Besides the company, it also includes initiatives, organizations, and other industries. Additionally, the company must keep the analysis accurate. It is to avoid false information and miscalculations. The SWOT analysis will serve as a guide and not a prescription.
Moreover, SWOT analysis is a strategy for viewing a certain business's competition, performance, potential, and risk. Furthermore, using external and internal data, the analysis can help the business make a strategy for the company's success. Also, the SWOT analysis lets the company see the possible opportunities and threats to the company.
Part 2. How to Do A SWOT Analysis
Strengths in SWOT Analysis
In SWOT analysis, the letter “S” is the Strength. It describes what a company is good at or excels at. Also, you need to think about how it is unique from other competitors. It includes a strong brand, technology, products, and services. Additionally, the Strength refers to internal initiatives. Examining and observing the location can help the company understand what’s already good and working. See the guide questions below to view the company or organization's strengths.
◆ What do we do best?
◆ How is the company unique from other competitors?
◆ What does the consumer like about the company?
◆ Which features or categories beat out the competitors?
Example for Strength
The world-class company got a 90 NPS score. It is higher compared to other competitors that got a 70 NPS score.
Weaknesses in SWOT Analysis
The Weaknesses in SWOT analysis refer to the internal initiatives which are underperforming. Weakness can stop the company from performing at an optimum level. Also, this is the area where the company needs improvement. It is for them to still be competitive. It includes high debt levels, inadequate supply chain, weak brand, lack of capital, etc. Knowing the weaknesses of the company is great. The company will create solutions to make their weaknesses turn into strengths. To identify the possible weaknesses of the company, see the guide questions below.
◆ What initiatives are underperforming? Why?
◆ What needs to improve?
◆ What resources need to improve for the performance?
◆ How to rank the company against competitors?
Example for Weaknesses
The website visibility is low. It is because of the lack of a marketing budget. It can lead to a decreasing mobile app transaction.
Opportunities in SWOT Analysis
It is a favorable factor for the company. It gives them a competitive advantage over others. Additionally, it is the result of the strength and weaknesses of the company. There will be an opportunity after knowing the S and W in the SWOT analysis. Opportunities are the things you can do for the development of the company. Also, the company doesn’t want to miss out on opportunities. It will be one of the reasons for the company’s success. Plus, since there are many possible opportunities, it is necessary to see the guide questions below.
◆ What resources to use for improving weaknesses?
◆ What can the competitors provide?
◆ What are the goals for the month/year?
◆ Is there a gap in service?
Example for Opportunity
To improve the visibility of the company, use social media. The company can advertise on YouTube, Instagram, Facebook, and more.
Threats in SWOT Analysis
In SWOT analysis, a threat can harm the company. It will be a potential problem the company may face. It is incomparable to weaknesses. The company, industry, or organization does not control threats. Examples of threats are pandemics, climate change, laws, and more. The company needs to adjust if there are some changes in these possible threats. They have to implement new strategies or plans to face the threats. See below the guide questions you need to consider when determining the threat to the company.
◆ What changes in the company are cause for concern?
◆ Where can the competitors outperform the company?
◆ What will be the weather condition?
◆ What to do when some laws change?
Example for Threats
With a new competitor showing up in the industry, it will be bad for the company. It is possible to experience having fewer consumers and clients.
We can proceed to the next part after discovering the SWOT analysis, its components, and factors. In this section, we will gladly guide you in creating the SWOT analysis online. The ultimate online tool to use for creating the chart is MindOnMap. As we can see in other examples of SWOT analysis, it consists of shapes per component, making it easy to view. MindOnMap can also do that. The tool can offer all functions you need for the chart-making process. Under the General option, you can use various shapes, arrows, and text. You can change the font design, size, and colors on the upper part of the interface. You can use the Fill color option to change the shape’s colors. Moreover, you can find the Theme options on the right part of the interface. This function lets you give a wonderful background color to the chart.
MindOnMap has more features you can use while creating the SWOT analysis. During the process, the tool doesn’t require you to save to chart all the time. With the help of its auto-saving feature, you don't need to worry about losing data. Additionally, the tool allows you to save your final SWOT analysis in different file formats. If you prefer saving the output to image format, you can save it to PNG and JPG. Also, you can save the chart to PDF, DOC, SVG, and more. You can check the steps below for creating the SWOT chart using MindOnMap.
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Secure Download
Come forth to the official website of MindOnMap. The tool is accessible to all web platforms. After that, create your MindOnMap account. Then, click the Create Your Mind Map button. Another web page will appear on the monitor.
After that, select the New option on the left screen. Then choose the Flowchart option to view the main interface of the tool.
You can start creating the SWOT analysis. Go to the General option and click the Shapes you want on your chart. Then, double-left-click the shape to insert the Text inside. If you want to change the color of the shapes and text, use the Fill and Font Color options. You can find them in the upper part of the interface. You can also click the Theme option on the right interface. The color options will appear on the screen. Select and click the theme you prefer, and you will notice the changes in the SWOT analysis.
Hit the Save button to save the final SWOT analysis on your account. This way, you can also preserve the chart. If you want to save the output on your computer with various formats, click the Export options. The tool can also provide the link for the SWOT analysis. To get the link, click the Share option.
Part 3. What is the Importance of SWOT Analysis
The SWOT analysis can help the company to grow. This analysis can assist the company in making plans and strategies. Below, you will see the importance of SWOT analysis.
◆ SWOT analysis helps the company’s visibility on its current condition.
◆ It lets the company analyze its strength for its development.
◆ It allows the company to determine its weaknesses. This way, they can make more strategies to solve certain problems or challenges.
◆ The company can see the internal and external factors. It includes the positive and negative impacts on the company.
◆ The SWOT analysis can help the business to see more opportunities.
Part 4. SWOT Analysis Templates
In this section, you will see various SWOT analysis templates. This way, you can have an idea and options for creating the SWOT analysis.
SWOT Analysis Puzzle Template
You can use this template if you want to create your SWOT analysis. As you can see in the image, the acronyms are on the left side. Then, the contents will be on the other side. This template will be understandable since you can have four boxes. This way, you can focus on each component when creating the analysis. Additionally, as you observe, the template is like a puzzle. It means that when creating the chart, each component must fit.
SWOT Analysis Template on PowerPoint
You can also find a SWOT analysis template on PowerPoint. With the help of this offline program, you don’t need to start creating the analysis from scratch. You can navigate to the SmartArt > Matrix option. Then, you can input all the information you need for the analysis.
Part 5. SWOT Analysis Examples
If you want to be more knowledgeable about SWOT analysis, read this part. We will give you some SWOT analysis examples. See the examples below, and learn everything.
SWOT Analysis for Employee
Get a detailed SWOT analysis example for employees.
In this example, you can discover that SWOT analysis is not only for the company, organizations, and other groups. You can use the analysis to assess the employee’s performance. This way, you can determine their strengths and weaknesses. They can also make improvements after identifying the opportunities and threats.
Personal SWOT Analysis
Get a detailed personal SWOT analysis.
If you prefer a simple SWOT analysis example for students, use Personal SWOT analysis. This way, they can assess themselves. They can insert their strengths and weakness. Additionally, to develop themselves, they must identify the opportunities and threats they can face. With the help of Personal SWOT analysis, the students will realize the aspects in life that need improvement.
Further Reading
Part 6. FAQs about SWOT Analysis
Is there a SWOT analysis template in Word?
Yes, there is. Microsoft Word can offer a free SWOT analysis template. To use the template, go to the Insert tab. Then, select the SmartArt > Matrix option. This way, you can choose your preferred template and add the content.
What is the purpose of SWOT analysis?
The purpose of SWOT analysis is to view the company's strengths, weaknesses, opportunities, and threats. It also includes the organization, industry, people, and more. There will be high-success possibilities if there’s a SWOT analysis.
How do you write a good SWOT matrix?
You can conduct a good SWOT matrix in various ways. It is better to meet up with the teams and throw out many ideas. Also, it is better to create an observation. This way, you will see the condition of a certain industry, company, people, and more.
Conclusion
Now you have given an idea about the SWOT analysis definition. SWOT analysis is necessary to view a company's condition, industry, organization, people, etc. Viewing the strengths, weaknesses, opportunities, and threats is the best way to create improvement. Also, if you want to generate a SWOT analysis, use MindOnMap. The online tool is perfect for the chart-making process. It has all the functions you need to achieve an excellent SWOT analysis.
