A SWOT analysis is a crucial strategic tool to determine a company’s performance and the managers will benefit by using this tool.
A custom SWOT analysis like Fitbit SWOT analysis enables you to determine strengths, weaknesses, opportunities, and threats the business is currently encountering.
Strengths and weaknesses concentrate on internal factors such as location, property, and employees. On the other hand, opportunities and threats focus on the external areas such as buying trends of consumers and the cost of raw materials.
Why is the SWOT analysis an effective approach?
The SWOT analysis is a powerful tool for many organizations for years including that it:
Provides an authentic approach to determine the internal and external factors affecting the company
Sets a track for the business to focus on their efforts for growth
Showcases a business a crystal clear foundation on which to design a specific business strategy
Enables a business to get familiar with its competitors
Provides pros and cons to implement new projects