Identify the four components of a SWOT analysis and describe in detail how a SWOT analysis can be used in the strategic planning process. Are there other analysis models that might work in tandem with SWOT analysis?

SWOT analysis is one of the technique which is widely used by many organizations to find their strengths, weakness, what are the opportunities they have, and threats. There are four components for the SWOT analysis

• Strengths- Strength of an organization includes mainly skills, capabilities and organizational objective to achieve the goal. Employees who are skilled, loyal customers are also the strengths of an organization.
• Weakness- If there was a lack of skilled employees, technology, new software innovating new items, low reputation in market are mainly affect the organizations.
• Opportunities- External factors are mainly known as the opportunities. Organization should have the global marketing and gain the competitive advantage.
• Threats- Threats occur from the competitive organization, low financial flow, more taxes to be paid for government are the main threats identified and these all should be overcome to gain the success.

SWOT analysis was mainly used in strategic planning process. To plan for a goal it was important have a knowledge regarding all the elements strengths, weakness, opportunities and threats because if we had planned regarding this scenario it will be very easy to identify if any occurred. This analysis used as a business analyst which always show complications or any problems observed in the firm. In healthcare this analysis plays a crucial role because there would be many threats occurred to the healthcare from the patient, employees and also the competitive healthcare firms, if small issue was created regarding the patient by healthcare it leads to many problems to overcome by taking this as the reference strategic planning can be carried out so that it will be easy to solve any problem. Healthcare also know their strengths and improve more to give their best quality of care to the patients. By improving the weakness they can easily achieve the goals.

Step-by-step explanation

• SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT Analysis is a technique for assessing these four aspects of your business.