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  • Understanding SWOT Framework Basics in Product Management

Understanding SWOT Framework Basics in Product Management

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The next video will introduce you to SWOT analysis.

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So, from this video, you learned what the SWOT analysis stands for:

 

  1. Strengths include the advantages that your firm has over your competitors and also the features of your successful product.

  2. Weaknesses include the pain points that may harm your business. 

  3. Opportunities are the chances that might have a positive impact on your product; but you must be quick to grasp them.

  4. Threats are the obstacles that have the potential to damage your business.

 

SWOT helps you understand your company’s/organization’s/product's internal capabilities and strengths (some of which were discussed through the 5W1H framework) as well as the external threats posed by competitors or market conditions (some of which were discussed through Porter’s five forces, the PESTLE framework, market dynamics, and competitive analysis).

 

SWOT not only helps you understand your own product better but also your competitors'.

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Additional Reading

SWOT analysis for Mc Donald's: Learn more about SWOT analysis along with pertinent examples

 

The next segment will cover the strengths aspect of SWOT analysis.