difference between swot analysis and bcg matrix

The SWOT matrix is a simple yet powerful tool for strategic planning. You can use a SWOT matrix to perform strategic planning, competitive analysis, market research, product development, and a broad range of other activities that aid decision-making. Large and small businesses, governmental agencies, private individuals and nongovernmental organizations (NGOs) can use it in their operations. One major advantage of a SWOT matrix is that it has a wide range of applications. Here are some benefits of using a SWOT matrix: Flexible applications Related: Purpose of a SWOT Analysis Benefits of a SWOT matrix Military members: The military can use SWOT matrices during strategic campaign planning to assess tactical strengths and compensate for weaknesses. They can also use it to determine who to give grants to and the programs that departments should undertake based on previous successes. Operations managers : SWOT matrices can help engineers and managers analyze the efficiency and activities of factories, software and production facilities.Īcademics: People in academia can use SWOT matrices to analyze the strengths and weaknesses of students applying for a program. It can also help them identify and assess weaknesses and threats and design measures to protect their interests.ĭistributors: Sales representatives, suppliers and other professionals in the supply chain can use SWOT matrices to qualify sales partners, organize regional distribution, improve supply chain efficiency and enhance production operations. Strategic planners : Strategic planners can use SWOT matrices to identify their organization's strengths and opportunities to leverage them for optimal efficiency.

Human resources (HR) personnel: HR personnel use SWOT matrices to determine the ideal workforce size, employee skill levels, geographical distribution of talent, language barriers, management-employee relationships and other factors that can boost productivity.įinancial planners : SWOT matrices can help planners analyze and measure capital requirements for new and existing projects, assess company investment capacity, predict revenue and forecast financial performance. Read more: SWOT Analysis Guide (With Examples) Who uses a SWOT matrix?Ī SWOT matrix is applicable in a wide range of industries. A SWOT matrix can help businesses leverage their comparative advantage and achieve strategic objectives when combined with other managerial tools. This technique helps managers gauge how internal and external factors can affect the success or viability of new projects. A SWOT matrix, often referred to as SWOT analysis, is a strategic planning tool businesses and individuals use to identify and assess the strengths, weaknesses, opportunities and threats associated with an organization, project, business plan or activity.

Difference between swot analysis and bcg matrix