SWOT Analysis

Design Thinking at HP

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What is a SWOT Analysis?

A SWOT analysis is a strategic planning tool. It's a simple, and initial way to list the strengths, weaknesses, opportunities, and threats of a business, product or service as a way of understanding what to focus on.

When to use this method?

A SWOT analysis will give you a high-level idea of where the company is headed, both internally and externally. While just a SWOT analysis on its own will not help you to identify a precise problem to solve, it will provide you with valuable context.

Performing a SWOT analysis gives you detailed insight into the company you’re targeting and its position in the market.

Source: https://www.kickassux.com/ux-library/swot-analysis

Design Thinking at HP

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When you’re developing a business strategy, it can be hard to figure out what to focus on. A SWOT analysis helps you hone in on key factors. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Strengths and weaknesses are internal factors, like your employees, intellectual property, marketing strategy, and location. Opportunities and threats are usually external factors, like market fluctuations, competition, prices of raw materials, and consumer trends. Conduct a SWOT analysis whenever you want to explore opportunities for new businesses and products, decide the best way to launch a product, unlock your company’s potential, or use your strengths to develop opportunities.