What does the acronym SWOT stand for?

The acronym SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. This framework is commonly used in strategic planning and analysis to help organizations identify internal and external factors that can impact their performance. Strengths and weaknesses refer to internal attributes of the organization, such as resources, capabilities, and areas needing improvement. Opportunities and threats, on the other hand, explore the external environment, assessing market dynamics, competition, and potential challenges that might affect the organization's ability to achieve its objectives.

Using the SWOT analysis allows organizations to develop strategies that leverage their strengths and opportunities while addressing weaknesses and mitigating threats. This holistic view aids in informed decision-making and strategic planning, which is vital for organizational success.