| A SWOT analysis is an important tool for | | | | important in achieving the goals and objectives. |
| companies to judge the industry and to grow | | | | Importance of SWOT analysis is not only |
| strategies to remain competitive. This is the best | | | | restricted to organizations seeking for profit, but it |
| way to access industryâs current status | | | | is also used by non-profit organizations, in time of |
| and future. It enhances strategic plans and goals | | | | decision making. Strategic planning is divided into |
| by promoting critical and specific thinking. SWOT | | | | three key strategic environments, which are: |
| analysis is introduced by, Albert Humphrey in 1960 | | | | macro environment, industry environment and |
| and it was the best concept that has been used | | | | internet environment. Industry environment is one |
| by the management in identifying the key internal | | | | that is used to identify the nature of your |
| factors (strengths and weaknesses) and external | | | | competitors within your industry. |
| factors (opportunities and threats) that are | | | | |