Lin`kov, Michail

Palekhova, L.L.

Shvets, O.D.

English

eLibrary National Mining University

30  Michail Lin`kov L.L. Palekhova, research supervisor O.D. Shvets, language adviser SHEI “National Mining University”, Dnipropetrovsk   Starting to Craft a Strategy with SWOT Analysis   SWOT Analysis is defined as a structured planning method to order to identify the Strengths and Weaknesses, and to determine both the Opportunities and the Threats one can meet. This analysis can be used both for business and for every person individually. • Strengths are the person’s or business characteristics that give an advantage over others; • Weaknesses are all the things that can disadvantage your comparing with others; • Opportunities are everything in your environment that you can use to your advantage; • Threats are environmental elements, which you cannot influence, and which cannot favour you.  In fact, it is possible to be faced with two kinds of environments: internal and external: • Internal environment is the sum of the strengths and weaknesses which can be influenced and changed; • External environment is the opportunities and threats which cannot be influenced and changed. All information is recorded in the 2x2 matrix. The upper margin includes the strengths and the weaknesses (elements of internal environment), the lower one – the opportunities and the threats (elements of external environment). Despite the simplicity of this analysis, it has been used in marketing for over 50 years and remains one of the most useful methods of marketing analysis. Originally it was applied to companies and projects, but in the short run people began to use it to detect their own advantages and disadvantages.  When working with your SWOT analysis, it is advisable to be reasonable, impartial and honest, as this may affect your future decisions on market strategy.    2930

Starting to Craft a Strategy with SWOT Analysis

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Starting to Craft a Strategy with SWOT Analysis

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