Monday, 19 December 2016

Why SWOT Analysis is Important in Business

If you are planning to get yourself involved in the business world, you should know what SWOT analysis is and its importance. SWOT analysis has been around for many years now. To be specific, people started using this tool around the 1960s. It was developed by Albert Humphrey of Stanford University which was actually based on the Team Action Model research project. Basically, SWOT analysis is considered to be one of the most essential tools that almost all companies use to carefully assess the industry. In addition, companies also use such tools to be able to come up with some strategies to keep up with the tight competition in the market.