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Template for SWOT Analysis
The term SWOT stands for Strengths, Weakness, Opportunities, and Threat. A SWOT analysis can be created with the help of Microsoft tool Excel to perform in-depth analysis with regard to Strengths, Weakness, Opportunities, and Threats. To do a SWOT analysis in a template, we need to collect all the possible information concerning product or service under consideration for SWOT analysis. To create a template, we can make a table or grid to map Strengths, Weakness, Opportunities, and Threats.
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About SWOT Analysis Template
- The SWOT Analysis is a widely used tool to do a SWOT analysis of any project, product, and service of the company. It is easy to create and customized or modified to input all the required details in the template. There is various formatting option provided and built-in functions in the spreadsheet templates which can be used any time by the user to create a professional template.
- As already mentioned in the definition section, the four components are basic factors of your business and can be concerned with financial, technological capabilities and skills, etc. A SWOT analysis can be a general analysis to analyze various factors that make your business different from others and perform internal and external assessments of the business.
- The SWOT analysis is of many kinds. It is a tool of a strategic planning process to be used when a company launches a new product and service in the market. This template could be divided into internal and external factors. Accordingly, Strengths & weaknesses are classified as internal factors, and Opportunities & Threat are classified as external factors. To comprehensively understand the concept SWOT analysis, it is required that we should deep dive into the various components of the SWOT analysis template in detail in further sections.
Components
The following are the components:
#1 – Strengths:
The strengths in the SWOT analysis are defined as those attributes in the product, which make the product stands above the other products and which make the company perform better as compared to peers in the same market. The strengths can be defined by the various features and characters of the product and services.
#2 – Weakness:
The weakness is defined as those attributes in the product and service for which the company is required to focus upon. The weakness could be disadvantages for the business and advantages for the competitors at the same time. Weakness could be anything in which a particular product or service is lacking.
#3 – Opportunities:
The opportunities are external factors that are beneficial for the company or business to market the product or service. The opportunities are the potential areas where the product or service can perform better to make the business reap the benefits of the same. For instance, the business can have opportunities to supply a particular product where it is demanded most because of the presence of those features or attributes which make the product stands out of the crowd.
#4 – Threats:
The threats are the external factors that are not beneficial for the business or company to market a product or service as the end-users will not require them. The threats could be those negative features, the presence of which will reduce the share of the product in the market. Threats are the various obstacles and constraints that restrict the business to perform better and can adversely impact the image of the company very badly in the market.
Why Business Use this Template?
- To answer the above question, we are going to discuss the reason which makes the business to do the SWOT analysis of any product and project. Before launching any product or starting any project, it is very critical for businesses or companies to perform a SWOT analysis of the same. By doing a SWOT analysis, businesses may come to know about the various strengths and weaknesses of the product and services they are about to launch. Even if they are planning to enter a new market to market their new product or service, it is imperative to perform a SWOT analysis that will let them know the relative position of product or service.
- By performing a SWOT analysis, companies may come to know about the core benefits of their product or service will provide to the end-users as compared to the competitors. Internal assessment of the internal factors will give information on the strengths and weaknesses of the concerned product or service. It is said that a well-defined SWOT analysis will make the business perform better than its peers because it has already planned its activities and can make business decisions by considering the strengths and weaknesses of the product or service.
- The SWOT analysis can help the senior management to the significant decisions with respect to entering into a new market or launching a product or service in new countries by doing external assessments of threats or opportunities by doing a general SWOT analysis of business in general and product in particular. In doing so, management assesses the current performance to evaluate the potential future opportunities where a business should focus to gain market share to increase the bottom line of the business.
- Once the various components of the SWOT analysis are defined, then we can create a table with columns of strengths, weakness, opportunities, and threats. Once the evaluation is done, we easily infer the conclusion about the strengths and weaknesses a business is offering, as well as opportunities and threats.
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This article has been a guide to the Swot Analysis Template. Here we provide you with a free downloadable swot analysis template for strategic planning and marketing of any new product or service. Also, you can download and use this template in Google Sheets, ODS, or CSV format.
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