# Businesses use SWOT analyses as strategic tools to evaluate their strengths, weaknesses, opportunities and threats. In conjunction with the company's mission, SWOT analyses assist businesses in discovering new strategies to achieve their objectives. These tools help decision-makers see the bigger picture in relation to their business's internal and external environments. SWOT analyses are instrumental in helping companies realize growth and sustain profitability.
Decision-Making
# The Manager's Electronic Resource Center explains that businesses use SWOT analyses for decision-making. When companies are faced with strategic questions about their business, a SWOT analysis can to help them gather and evaluate key information. According to the University of Kent, a SWOT analysis provides strategists with an overview of the company's strengths, weaknesses, opportunities and threats, which helps decision-makers select the best routes for their business. A SWOT analysis can help businesses discover new strategies and take advantage of untapped opportunities.
Understanding Competition
# According to Harvard Business School, it's essential for companies to identify and understand their main competitors. SWOT analyses help companies evaluate their external threats--including competing businesses--to determine whether special action needs to be taken. By studying competition, companies can make adjustments to their own strategies in effort to win a price war or gain other advantages over competitors.
Positive Recognition
# SWOT analyses point out a company's strengths. Sometimes, the good news gets lost amid the hustle and bustle of everyday business life. According to Ecofine, by conducting SWOT analyses, companies get to see where they excel and what they do well.
Positioning
# Since SWOT analyses provide insight into a company's internal and external environments, businesses can use them to determine positioning strategies. When it comes to marketing, a SWOT analysis will inform a company of any potential threats, as well as existing or upcoming opportunities. This information can help a company decide how it should, and should not, position itself in the market.
Decision-Making
# The Manager's Electronic Resource Center explains that businesses use SWOT analyses for decision-making. When companies are faced with strategic questions about their business, a SWOT analysis can to help them gather and evaluate key information. According to the University of Kent, a SWOT analysis provides strategists with an overview of the company's strengths, weaknesses, opportunities and threats, which helps decision-makers select the best routes for their business. A SWOT analysis can help businesses discover new strategies and take advantage of untapped opportunities.
Understanding Competition
# According to Harvard Business School, it's essential for companies to identify and understand their main competitors. SWOT analyses help companies evaluate their external threats--including competing businesses--to determine whether special action needs to be taken. By studying competition, companies can make adjustments to their own strategies in effort to win a price war or gain other advantages over competitors.
Positive Recognition
# SWOT analyses point out a company's strengths. Sometimes, the good news gets lost amid the hustle and bustle of everyday business life. According to Ecofine, by conducting SWOT analyses, companies get to see where they excel and what they do well.
Positioning
# Since SWOT analyses provide insight into a company's internal and external environments, businesses can use them to determine positioning strategies. When it comes to marketing, a SWOT analysis will inform a company of any potential threats, as well as existing or upcoming opportunities. This information can help a company decide how it should, and should not, position itself in the market.
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