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SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. This framework is widely used in strategic planning to help organizations evaluate their current position in the market and identify potential avenues for growth or improvement.

Strengths refer to the internal factors that give an organization an advantage over its competitors, such as skilled personnel or superior technology. Weaknesses are internal disadvantages that the organization may face, such as lack of resources or poor location. Opportunities highlight external situations that the organization can capitalize on for growth, such as emerging market trends or changes in consumer preference. Threats involve external challenges that could potentially harm the organization, like increased competition or regulatory changes.

Utilizing the SWOT analysis allows organizations to develop strategies that leverage their strengths, mitigate their weaknesses, seize opportunities, and prepare for potential threats, making it a crucial component in effective strategic planning.