What is a SWOT?
SWOT is a comprehensive audit and competitive analysis that analyzes the Strengths, Weaknesses, Opportunities and Threats facing a business. An honest SWOT analysis helps a retailer identify what it's doing well, where it can improve, and where it fits in the competitive landscape. There are others (PEST, STEEP, and other silly acronyms) but SWOT gets down to business.
How to Perform a SWOT Analysis
- Begin by making a list of strengths, weaknesses, opportunities and threats.
- Consider holding a group brainstorming session to pinpoint factors in each category.
- Alternatively, you can ask each team member to work on his or her own, then share and compile the results.
- Don't concern yourself with elaborating on the factors of each category on the first attempt. Start out with bullet points to identify relevant factors in each category.
- Once the brainstorming is complete, build a final version of the SWOT analysis listing all of the factors in each category with the highest priority placed at the top and the lowest at the bottom.
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