What is the primary purpose of conducting a SWOT analysis?

The primary purpose of conducting a SWOT analysis is to identify strengths, weaknesses, opportunities, and threats. This strategic planning tool helps organizations assess their internal capabilities and external environment. By evaluating strengths and weaknesses, a business can understand its unique advantages and areas for improvement. Meanwhile, exploring opportunities and threats allows for a better understanding of the external factors that could impact success, such as market trends, competition, and economic conditions. This holistic view enables better decision-making and strategic planning, ultimately helping organizations leverage their strengths, address their weaknesses, capitalize on opportunities, and mitigate potential threats.