SWOT analysis is a simple but useful tool to study your company’s strengths, weaknesses, opportunities, and threats. It is important for various purposes such as;
To build on what you do well
To meet what you are lacking
To minimize risks
To get better possible benefits of chances for success.
Moreover, it helps you to understand your competitors. In this way, you can get a way that you require to craft a coherent and successful competitive position. SWOT analysis tells you about the current condition of your organization or company.