What is the SWOT analysis?
SWOT analysis is one of the strategic methods that is used by organisations to achieve success. The purpose of SWOT analysis is to identify the strengths and weaknesses of organisations arise from the internal environment in comparison to opportunities and threats from the external environment. The main factors of the SWOT analysis include strengths that can be used as an attribute to successful improvement results, weaknesses that impede the prosperous development, opportunities which will guide the positive outcome, and threats which are a barrier for the company to grow and should be eliminated. SWOT analysis can cover different areas of the organisation such as finance, marketing and human resources. The main objective of the SWOT analysis is to verify the current condition of the company and build an effective strategy that will improve the company’s development for a longer time and allow to trace and eliminate weaknesses, and prognoses and avoid threats.