Why is it important for businesses, both new and existing to perform a SWOT analysis?

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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Why is it important for businesses, both new and existing to perform a SWOT analysis? 

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A strategic framework used by the businesses to evaluate their competitive position in the industry is known as SWOT analysis. Based on the SWOT analysis, businesses would be able to devise a strategic plan in order to maintain a competitive advantage in the long run. 

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