What does the acronym 'SWOT' primarily focus on in strategic planning?

The acronym 'SWOT' stands for Strengths, Weaknesses, Opportunities, and Threats. It is primarily a tool used in strategic planning to provide a structured way to assess both internal and external factors that could influence an organization's success.

The internal assessments focus on Strengths and Weaknesses, which are intrinsic to the organization, evaluating its resources, capabilities, and areas needing improvement. Conversely, the external assessments address Opportunities and Threats, which deal with the external environment the organization operates in, such as market trends, competition, and regulatory factors.

By analyzing these four components, organizations can develop strategies that leverage their strengths, mitigate weaknesses, capitalize on opportunities, and protect against threats. This holistic view from both internal and external perspectives is essential for meaningful strategic planning.