SWOT - What did I learn from it?

For many art students, using the word SWOT doesn't mean much to them. In the marketing class, I finally got a chance to learn what it means and understand how it works. SWOT stands for Strength, Weakness, Opportunity and Threat. To be successful in a business, the person has to do SWOT analysis to have a deep understand throughly about their business and what's going on around in the business world, especially for that particular business. Strength and Weakness is more of an internal analysis, to dig deeper and see what we are good and not good at. In contrary, Opportunity and Threat make the business realize the market out their, who are the competitors, consumer market, what are the advantages and disadvantages going on around the company. To me, I learn to extract details, ask as many questions and doing deeper researches. I think a detail and throughout SWOT analysis is very important and it will help direct planning strategies into the right direction.