Management

"SWOT analysis is a useful technique for understanding one's strengths and weaknesses, and for identifying both the opportunities open and also the threats one face, and aims to identify the key internal and external factors which are considered as important in achieving the company's objective or event, and groups key pieces of information mainly into two categories i.e. :

1. Internal Factors: these are the strengths and weaknesses internal to the organization. The examined internal factors are classified as strengths or weaknesses depending upon their effect on the organization’s objectives. People performing the SWOT analysis have to keep in mind that strengths with respect to one objective may be weaknesses for another.

2. External Factors: these are the opportunities and threats presented by the environment external to the organization. These factors include macroeconomic matters, legislation, technological change and socio-cultural changes, and also changes in the marketplace or in competitive position.

SWOT is also used to develop strategies and plans to achieve some objective and helps to see the whole situation and possible scenarios of further activity. This analysis can also be used when someone needs to make some decision that is thought over and has strong basis, and not only by commercial organizations and can be both big non-profit organizations and individuals."