swot-analysis

Vocabulary Word

Definition

'SWOT analysis' is a technique where you assess the Strengths, Weaknesses, Opportunities, and Threats of a project or situation. It's like making a list of pros and cons, but a bit more detailed and strategic.

Examples in Different Contexts

In business strategy, 'SWOT analysis' is a tool used to identify strengths, weaknesses, opportunities, and threats related to business competition or project planning. A business analyst might state, 'Conducting a SWOT analysis helps us strategize effectively by understanding our position in the market.'

Practice Scenarios

Marketing

Scenario:

While our sales have been strong this year, we're facing heavy competition as we head into the holiday season. We might need to reassess our promotional strategies.

Response:

That's a good point. I'll conduct a SWOT analysis to compare our strengths and weaknesses with our competitor's upcoming strategies.

Business

Scenario:

Our startup's projections for the next quarter look promising, but there are a few uncertainties we need to address to ensure our sustainable growth.

Response:

I agree. Perhaps we should conduct a SWOT analysis to identify our potential opportunities and threats to help us mitigate risks moving forward.