SWOT Analysis of Nike | SWOT Analysis | What is a SWOT Analysis? | Digital Transformation

SWOT Analysis of Nike | SWOT Analysis | What is a SWOT Analysis? | Digital Transformation

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In this video, we take a look at what a SWOT analysis is and how you can use this SWOT analysis of Nike as an example for your own business.

A SWOT analysis is a strategic planning tool used by businesses to assess their Strengths, Weaknesses, Opportunities, and Threats. The acronym SWOT stands for:

Strengths: These are the attributes or factors that give your business an advantage over others. Strengths can be internal, such as a skilled team or a strong brand, or external, like a booming market for your product.

Weaknesses: These are the factors that put you at a disadvantage relative to others. They could be internal, like a lack of funding or expertise, or external, such as a strong competitor in your market.

Opportunities: These are the elements that your business could exploit to its advantage. Opportunities could be a gap in the market, a partnership, or a new trend that your business could capitalise on.

Threats: These are the elements in the environment that could cause trouble for your business. Threats could include a change in market trends, new regulations, or an economic downturn.

Here are some benefits of carrying out a SWOT analysis:

Understanding: It allows businesses to understand their current position in the market.

Strategy Development: It can be used as a basis for developing strategic plans and making informed business decisions.

Identifying Opportunities and Threats: By looking at opportunities and threats, you can develop a strategy to use your strengths and address your weaknesses.

Prioritising Actions: A SWOT analysis can help identify the most important issues and thus help business leaders to prioritise their actions.

Competitive Advantage: It can give you insights into your competition, helping you to carve out a unique niche and achieve a competitive advantage.

Remember, a SWOT analysis is a snapshot of a business's current situation. It should be reviewed and updated regularly to reflect changes in the business environment.


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