Final answer:
SWOT stands for strengths, weaknesses, opportunities, and threats. It is a strategic planning tool used by businesses to assess their internal and external factors.
Step-by-step explanation:
SWOT stands for strengths, weaknesses, opportunities, and threats. It is a strategic planning tool that helps businesses assess their internal strengths and weaknesses, as well as external opportunities and threats in the market.
The strengths and weaknesses refer to the positive and negative aspects of the business, such as its resources, capabilities, and expertise. Opportunities and threats, on the other hand, are external factors that may positively or negatively impact the business.
For example, a business's strength can be its strong brand image, while a weakness can be its limited product range. An opportunity can be a new market segment to target, while a threat can be intense competition.