Date Added: Jan 2010
It is useful to complete an analysis that takes into account not only your own business, but your competitors' activities and current industry happenings as well when conducting strategic planning for any company - online and/or offline. A SWOT is one such analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Completing a SWOT analysis helps you identify ways to minimize the affect of weaknesses in your business while maximizing your strengths. Ideally, you will match your strengths against market opportunities that result from voids in your competitors' products and/or services.