ECONOMICS

Detailed explanation-1: -Specifically, a SWOT analysis is a tool that considers a firm’s strengths and weaknesses along with the opportunities and threats that exist in the firm’s environment. Strengths and weakness are aspects of the organization that are internal and controllable.

Detailed explanation-2: -SWOT analysis is a framework for identifying and analyzing an organization’s strengths, weaknesses, opportunities and threats. These words make up the SWOT acronym. The primary goal of SWOT analysis is to increase awareness of the factors that go into making a business decision or establishing a business strategy.

Detailed explanation-3: -A PEST analysis (or STEP analysis) invites you to list all the relevant external forces using four headings: Political, Economic, Sociological and Technological. These are useful headings; it doesn’t matter that some items might be both political and economic (eg taxation and exchange rates).

Detailed explanation-4: -A SWOT analysis combines external and internal analysis to summarise your Strengths, Weaknesses, Opportunities and Threats.