Question
SWOT Analysis plays a crucial role in competitive strategies. It helps businesses identify their strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors, while opportunities and threats are external. By understanding these elements, businesses can formulate strategies that leverage their strengths, address their weaknesses, capitalize on opportunities, and mitigate threats. This understanding helps them gain a competitive edge in the market.
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Once you've analyzed your competitive landscape, it's time to assess yourself. SWOT Analysis is a common framework used by execs to determine their company's strengths, weaknesses, opportunities and threats. Strength and weaknesses are internal, company oriented, while opportunities and threats are more external, macro-oriented. (Slide 10)
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