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SEE2030 Business of the Entertainment Industry (Skilling): SWOT Analyses

What is a SWOT Analysis?

  • A SWOT analysis "is a compilation of your company's strengths, weaknesses, opportunities and threats."

  • A SWOT (strengths, weaknesses, opportunities and threats) analysis is a planning process that helps your company overcome challenges and determine what new leads to pursue.

  • This method was created in the 1960s by Albert Humphrey of the Stanford Research Institute, during a study conducted to identify why corporate planning consistently failed. Since its creation, SWOT has become one of the most useful tools for business owners to start and grow their companies.

  • Strengths (S) and weaknesses (W) refer to internal factors, which are the resources and experience readily available to you.

    These are some commonly considered internal factors:

  • Financial resources (funding, sources of income and investment opportunities)

  • Physical resources (location, facilities and equipment)

  • Human resources (employees, volunteers and target audiences)

  • Access to natural resources, trademarks, patents and copyrights

  • Current processes (employee programs, department hierarchies and software systems)

  • External factors influence and affect every company, organization and individual. Whether these factors are connected directly or indirectly to an opportunity (O) or threat (T), it is important to note and document each one.

    External factors are typically things you or your company do not control, such as the following:

  • Market trends (new products, technology advancements and shifts in audience needs)

  • Economic trends (local, national and international financial trends)

  • Funding (donations, legislature and other sources)

  • Demographics

  • Relationships with suppliers and partners

  • Political, environmental and economic regulations