SWOT

• A SWOT analysis is a situational tool than analyses the internal and external environment of the business and has 4 quadrants: strengths, weaknesses, opportunities and threats.
• When responding to opportunity and threats using SWOT: Strengths are offensive strategies, weaknesses are defensive strategies, opportunities are reorientation strategies and threats are survival strategies.
• Advantages of a SWOT analysis include that they are quick and easy, have a wide application, help determine market position and reduce risk. Disadvantages include that they are simplistic, static, open for dishonesty and cannot be used in isolation.