SWOTT Analysis: What is its purpose in strategic planning?
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What is a SWOTT analysis? What is its purpose in strategic planning? Do you have to conduct a SWOTT analysis to have an effective strategic plan? Why or why not?
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The response gives guidance regarding SWOTT analysis and its purpose in strategic planning in 480 words.
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What is a SWOTT analysis?
First let us know about SWOT analysis. SWOT analysis is a tool for auditing an organization and its environment. It is the first stage of planning and helps marketers to focus on key issues. (Marketingteacher, 2009)
SWOT analysis is a powerful technique for understanding strengths and weaknesses, and for looking at the opportunities and threats. (Mindtools, 2009)
SWOTT analysis includes the SWOT that we discussed above and the additional "T" represents "Trends".
The ideas that come out when discussing this topic should come from places like industry magazines, tradeshows, new products and the news. This topic is not as subjective as the other four topics; it should be based more on facts. To start the brainstorming, use questions like:
* What are the current ...
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