You will find an extensive introduction to SWOT in Module Three and an example below. There are also extensive resources available online, including videos in YouTube.
Your SWOT should contain no less than five factors in each of the four categories. If you cannot identify 5-6 legitimate factors for each category you may not have given your product or service adequate consideration and thought.
You will also create a SWOT action plan.
SWOT Action plan
The concept behind a SWOT Action Plan is that, as business managers, we like to get things done! Our job is to fix problems and capitalize on opportunities. SWOT is a very useful tool for analyzing our business and the business environment (see Module 2 for more on this). However, the best analysis is useless without action to apply the information. The SWOT action plan does just that. It apples the information you uncovered in your analysis.
You will select ONE item from each of the four categories and write a very brief action planned based on the following:
Strength: What will you do to take advantage of this strength? How will you make the most of it? Weakness: What will you do to minimize the negative impact on your business?
Opportunity: Much like a strength, how will you capitalize on this opportunity? How can you use it to generate revenue, build you brand or improve your competitive position?
Threat: How will you avoid this threat or minimize its impact on the business? You will find an example of what is expected for your Action Plan below.