THE IMPORTANCE OF SWOT ANALYSIS IN BUDGETING AND STRATEGIC PLANNING FRAMEWORK

Abstract

 SWOT analysis is a strategic tool used to assess the strengths and weaknesses, opportunities and threats of a company (or project, business, idea, etc.).Users can use SWOT analysis to better understand their company, better assess their competitors, develop strategic plans, and improve their operations. Applying a SWOT analysis can be useful in developing a strategic plan for a particular site or revising an existing strategy. This analysis is used as part of strategy formulation and also takes into account opportunities and threats to assess the organization's strengths and weaknesses and identify ways out. It is the company's internal characteristics that provide a competitive advantage in the market or a more favorable position compared to competitors and the area where the product feels superior to its competitors. Influence the company in strategic planning and the importance of strengths: due to strengths, the company can increase its position, profit and sales level, strengths are competitors provides a favorable position of the product or service among Strengths should be strengthened, improved, and used by constantly comparing them with the consumer market.