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Using SWOT analysis as part of your business planning gives the company information needed to be able to make necessary changes.
SWOT analysis can be utilized for each competitor a company may have.
A threat is an outside issue that can affect a company's performance.
An example of a threat is an economic downfall in another country where goods or the raw materials needed to manufacture them are obtained.
Competition analysis allows you to learn your competitors' strengths and weaknesses, and then use that information, or competitive advantage, to improve your own business planning and practices.
The best way to determine who your competitors are is through research, such as through SWOT analysis.
After utilizing SWOT, let's say it's evident that your competition is lacking in the customer service department.
Your business can utilize that opportunity and make it a goal to have superior customer service, which may cause competitors' customers to switch over to your product.
SWOT analysis is just one example of a tool that can help a company conduct competition analysis and develop a strategic business plan.
Strengths are what the business's strong points are: a competitor has high sales, which means its marketing campaign may be successful.