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SWOT stands for Strengths, Weaknesses, Opportunities and Threats. It's a four-part approach to analyzing a company's overall strategy or the strategy of its business units. All four aspects must be considered to implement a long-range plan of action. In order to swat the competition you need to understand SWOT. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. It's a way to analyze a company's or a department's position in the market in relation to its …

…interesting trends? Is your company positioned to take on those trends? * Is your company entering new markets? * Is your company advanced in technology? THREATS: Check out what your competitors are doing and assess other potential challenges * What obstacles do you face? * What is your competition doing? * Are the required specifications for your products or services changing? * Is changing technology threatening your position? * What policies are local and federal lawmakers backing? Do they affect your industry?