Instead of relying on a single, potentially biased source, a good SWOT analysis compiles various angles. The company will also need to gather external information relating to broad markets, competitors, or macroeconomic forces for opportunities and threats. A company will likely use internal information for strengths and weaknesses. A SWOT analysis leverages different data sources.The SWOT analysis is a versatile tool that has many applications. It can also analyze a full product line, changes to brand, geographical expansion, or an acquisition. The analysis can relate to an organization, team, or individual. A SWOT analysis can be applied to almost every business question.A SWOT analysis covers both the internal factors a company can manage and the external factors that may be more difficult to control. However, there are often items out of the company's control that may influence the outcome of a business decision. Too often, a company may be tempted to only consider internal factors when making decisions. A SWOT analysis requires external consider.In general, a SWOT analysis that has been prepared by paring down all ideas and ranking bullets by importance will aggregate a large, potentially overwhelming problem into a more digestible report. There may be an overwhelming amount of data to analyze and relevant points to consider when making a complex decision. A SWOT analysis makes complex problems more manageable.
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