image sourceSWOT is an acroymn which stands for STRENGHT WEAKNESS OPPORTUNITY AND THREAT.
A business which want to stay long and survive in a particular field must recognise its Swot or else the business will easily wind up.
STRENGHT: This connote that every business has an advantage as regards a particular process or product. In this way the company is tagge the best in that particular thing. For example some automobile company have strength in producing tyre while some other have have strength in producing the shaft of a car. A company should never loose grip of their strength because that is their advantage over other companies.
WEAKNESS: This signifies the part which the company needs to improve on, this is the lapses of the company which some customers notice and decides not to patronize them.
For example an automobile who has the strength in producing tyre and have a weakness of producing good shaft, a traveller would not want to purchase such product. The company need to make more research and training on how to improve in such case.OPPORRUNITY: Opportunities are chances open for a company to showcase its worth, it might come in form of seminar, symposium, trade fair etc also sometimes its close competitors mighy be lagging and customers might want to give such company a chance to prove its self. Opportunities should not be misused by company who wants to grow and maintain his goodwill in the market.
THREAT: This signifies happenings or things that may trample upon a company progress, it can be either competitors, economy downtime, natural disaster etc A company needs to forsee and have plans made ahead incase of any such occurence.
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