Get to Know the Importance of SWOT Analysis Tool
Before you start conducting a SWOT analysis, it is important that you first understand the reason for using this analysis. You cannot possibly present a good SWOTanalysis on IKEA unless you understand the importance as well as the impact of this particular business analysis tool. This blog will help the student conduct SWOT analysis for their assignment, and they will also develop business acumen, which will help them in their near future. Ø Building on strengths The SWOT analysis helps in identifying the areas of strengths. With the help of SWOT analsis, the company will highlight or stress on the positive aspects to increase the level of profit. This helps them understand the competitive advantage they have over other organisation. Using these strengths, the company can go into the next level of success. Ø Minimising the weaknesses Weaknesses are the disadvantages of any company or organisation. Before the disadvantage turns i...