Discuss the concept of SWOT analysis in the context of strategic planning. How can organizations use SWOT analysis to make informed decisions?

Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
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Discuss the concept of SWOT analysis in the context of strategic planning. How can organizations use SWOT analysis to make informed decisions?

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Step 1: Define the term SWOT Analysis:

SWOT analysis is a strategic planning tool used by organizations to assess and  estimate their current internal strengths and  sins, as well as external  openings and  pitfalls in their operating  terrain. SWOT analysis is a  protean and simple tool that can be applied to  colorful aspects of an association,  similar as marketing, product development,  fiscal planning, and overall strategic  operation. 

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