How to Make an IT and Software SWOT Analysis in Microsoft Word (DOC)?
Understanding your environment, your competitors, and your target market, according to Chron, is the first step in building your business's strategy and decision-making process. To help you achieve your goal, you need to have a tool to understand better your business environment, such as a SWOT analysis. Read more on how to make an IT and software SWOT analysis by reading the steps added below.
1. Determine Your Objectives
Understand the reason why you are making your SWOT analysis. What's your objective? Commonly, we use a SWOT analysis for planning effective marketing and branding purposes. It evaluates whether the company or the project is performing well or not while checking the internal and external factors affecting its performance.
2. Gather Data
Collect all the data required for your project or company's Strengths, Weakness, Opportunities, and Threats analysis, then begin to compare and analyze them. Weigh your options and choose the one that best fits your needs.
3. Organize Your SWOT Analysis
Launch MS Word and organize your report. Create four panels wherein each group shall state each element of the SWOT analysis. Label each group, then add your data. Use the 'Insert' menu tools to make different tables, charts, insert media objects, etc. Keep the data of each component of SWOT separately in the document top bve specific with your findings.
4. Draw Out a Conclusion With Findings
Once you have analyzed your data, draw out a conclusion for your findings. Add all the findings regarding each aspect of SWOT in different paragraphs for better comprehension of the reader. State the necessary actions to meet your objectives, then prepare for your presentation with the group.
What is a SWOT analysis?
A SWOT analysis is a document that defines the objectives of a project and identifies both internal and external factors (strengths, weaknesses, opportunities, and threats) affecting the output and success rate of a project, brand, or service.
Why is a SWOT analysis important?
A SWOT analysis helps a company study, analyze, and organize its strengths, weaknesses, opportunities, and weaknesses and of its competitors, giving it a better idea of its position in the market and helping it prepare and strategize to improve its performances.
What are the major elements of SWOT analysis?
1. Strength - determines the core competencies of a business and its strategic factors to achieve success.
2. Weakness - states the weak areas and the internal factors lacking in the company, which leads to its poor performances.
3. Opportunities - provides the external factors that may benefit a company or lead to the potential increase in profit in business.
4. Threats - identifies the potential harm and other unfavorable external factors that may affect the performance, productivity, or brand of a company
What are the benefits of a SWOT analysis?
1. Cost-effective and does not require extensive training to create one.
2. Has a wide range of application and can determine environmental factors affecting the output to the objective.
3. Promote thorough discussions and keeps members on the right track of the project.
4. Presents an excellent visual overview of the project, increasing its success and progress over time.
5. It allows the audience to gain insight into the market and its competition.
6. It provides its analyst with the opportunity to integrate and synthesize the data gathered.
7. It encourages collaboration and teamwork between members working on a project.
How long does it take to create a SWOT analysis?
Creating a SWOT analysis may take around six to twelve months.