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SWOT Analysis In the article “SWOT analysis” Harmon (2015) offered a definition for SWOT analysis, the purpose of the SWOT analysis, the advantages of performing a SWOT analysis, and outlined and discussed the four components of the SWOT analysis. SWOT analysis is a planning and brainstorming tool that helps people evaluate an idea or project for a business or formulate a business plan (Harmon, 2015). It should be noted that SWOT analysis is an acronym for Strengths, Weaknesses, Opportunities, and Threats. The author explained that the purpose of SWOT analysis is to identify how internal and external factors influence a business. The author further suggested that this process will shed light on a business internal strengths and weaknesses- for instance reputation, and external opportunities, such as competitors and threats. In addition, this method can inspire ideas about how to improve a business or help to determine how a new business will perform. Harmon (2015) recommended that existing businesses should use the SWOT analysis to evaluate if changes are needed to remain competitive in the marketplace. The article highlighted that many types of organizations employ SWOT analysis to develop plans for future growth. By the same token, Harmon advised that new businesses should use SWOT analysis as part of their planning and development phases. The author proposed that a foursquare table can be crafted that will allow the strategic planning team to compare internal issues
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