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Marketing Principles_Discussion 2.1

Discussion 2.1

Q Define what a SWOT is, how it is used to develop a new service or business. Be sure to write a SWOT for this new service or business

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The analysis of SWOT can be regarded as a process by which weaknesses, threats, strengths, and opportunities of an organization are identified. SWOT is a framework that is analytical and basic which evaluates what cannot or can be done by organization for external and internal factors both. The company is helped to determine by a SWOT analysis what is needed to attain its goals and objectives with the use of environmental data to assess a company’s position, the obstacles that is needed to be reduced or overcome to attain results that are desired, the position of the firm in the present-day and the place where it can reach in the future ("Strengths, weaknesses, opportunities and threats (SWOT) analysis", 2018).