Threats, on the contrary, harm business and lead to a decrease in competitiveness. It is very important to assess the probability of their occurrence and the threat degree. It is also necessary to draw up an action plan to neutralize the threat if it occurs.
Based on the strengths identified in the SWOT analysis process, you can distill the main competitive advantage of a product or company. It is necessary to invest in it and develop it in every possible way. Pay attention to the advantages that the consumer may not be aware of.
Then all the data is combined into a SWOT analysis matrix. It is necessary to rank the factors in it by the degree of importance for the company. There are two areas in the matrix: positive and negative influence. An analysis of these areas will show the most important aspects of both the external and internal environment. For analysis, you need to create a table with a description of each of the factors. For internal factors, it is necessary to determine the strength of influence, external factors, the probability, and duration. You also need to determine exactly how the factor affects the company's profit.