Final answer:
SWOT analysis is a strategic planning tool used to assess the strengths, weaknesses, opportunities, and threats of a business. It helps organizations understand their internal and external factors and make informed decisions. Examples for each dimension include strengths like a strong brand reputation, weaknesses like outdated technology, opportunities like emerging markets, and threats like increasing competition.
Step-by-step explanation:
SWOT analysis is a strategic planning tool that is used to evaluate the strengths, weaknesses, opportunities, and threats of a business or organization. It provides a comprehensive assessment of the internal and external factors that may impact the organization's performance.
Strengths are the advantages or capabilities that a business possesses, such as a strong brand reputation or a skilled workforce. Weaknesses are the areas where the business lacks competitive advantage, like poor customer service or outdated technology. Opportunities refer to the external factors that can be leveraged to the organization's advantage, such as emerging markets or new technologies. Threats are the external factors that may pose risks to the business, such as increasing competition or changing regulations.
One example of a strength could be a company's strong financial position, while a weakness could be a lack of diversification in its product portfolio. An opportunity could be the growing demand for eco-friendly products, and a threat could be a new competitor entering the market.