Strategy. This is a universal concept that is applied to almost every aspect of our lives. The difference is simply in determining the means that will be most beneficial in reaching the ultimate goal. If we reflect on our daily life, we tend to make strategies and assessments over our lives’ most minute parts. Just as we do this, businesses must assess their strengths, weaknesses, opportunities, and threats, more simply put a SWOT analysis. Diving a step deeper, it may be determined that this information is vital to the success of a social media campaign and a social media manager’s goals. Author Ovidijus Jurevicius, who writes for the Strategic Management Insight, defines SWOT analysis as the following statement:
“SWOT is a framework that allows managers to synthesize insights obtained from an internal analysis of the company’s strengths and weaknesses with those from an analysis of external opportunities and threats.”
He goes even further to identify five main benefits of conducting a SWOT analysis:
1. Simple to do and practical to use
2. Clear to understand
3. Focuses on the key internal and external factors affecting the company
4. It helps to identify future goals.
5. Initiates further analysis
A writer for Pestle Analysis states that there are three different types of a SWOT analysis template. First, the classic template considers the four main factors best for doing broader reviews after previous analyses have already been conducted. Second, the ultimate SWOT template. This is best applied when a company is starting from the ground up. It calls leaders to answer 50 analytical questions in every section. Finally, the distinctive SWOT template, this final template helps determine the relationships between the internal and external factors so that an idea of improvement may be easier to recognize. None of the options are incorrect to choose, and it is all dependent upon what type of responses are desired from the assessment.