SWOT is an abbreviation for Strengths, Weaknesses, Opportunities and Threats. SWOT analysis is used for identifying those areas where an organization is strong, where it is weak, the major opportunities the company can explore and the threats. SWOT analysis is a useful tool for assessing the strategic position of a business and its environment. SWOT Analysis helps a company to know where it stands by exploring key issues:
- What do we do well?
- How are we better than our competitors?
- What could be done better?
- What is being done badly?
- What are the opportunities that can be exploited?
- What are the interesting trends?
- What obstacles are being faced?
- What is the competition doing?
- Are the specifications for the products or services changing?
- Is changing technology threatening our business?
SWOT Analysis Example
Sample SWOT Analysis for CONMED Corporation: (for illustration purposes only)
CONMED Corporation (CONMED) (NASDAQ: CNMD) develops and produces medical and surgical procedure instruments.