Change is a universal phenomenon and we have to adapt ourselves to it in order to survive in this world successfully.
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.
A SWOT analysis is a structured planning method used to evaluate the strengths, weaknesses, opportunities, and threats involved in a project or in a business venture. A SWOT analysis can be carried out for a product, place, industry or person. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieve that objective says AstroStrategist and Business Astrologer Hirav Shah.
Strengths: characteristics of the business or project that give it an advantage over others.
Weaknesses: characteristics that place the business or project at a disadvantage relative to others
Opportunities: elements that the project could exploit to its advantage
Threats: elements in the environment that could cause trouble for the business or project
Identification of SWOT is important because they can inform later steps in planning to achieve the objective says Hirav Shah.
Converting is to apply conversion strategies to convert weaknesses or threats into strengths or opportunities. An example of conversion strategy is to find new markets. If the threats or weaknesses cannot be converted, a company should try to minimize or avoid them.
SWOT analysis aims to identify the key internal and external factors seen as important to achieving an objective. SWOT analysis groups key pieces of information into two main categories:
Internal factors – the strengths and weaknesses internal to the organization
External factors – the opportunities and threats presented by the environment external to the organization
SWOT analysis may be used in any decision-making situation when a desired end-state (objective) has been defined.
A SWOT analysis can be used to:
- Explore new solutions to problems
- Identify barriers that will limit goals/objectives
- Decide on direction that will be most effective
- Reveal possibilities and limitations for change
- To revise plans to best navigate systems, communities, and organizations
- As a brainstorming and recording device as a means of communication
- To enhance “credibility of interpretation” to be utilized in presentation to leaders or key supporters.
SWOT analysis on the basis of Astrology always gives opinion to find strength, weakness, Opportunity in next few years, Threat if any in near term says AstroStrategist and Business Astrologer Hirav Shah