The business world has adopted a new definition of the acronym SWOT that is globally acknowledged and widely accepted.
- Synthesize – Perceive>Ideate>Decide: To be able to better understand the customer is a step towards their prolonged loyalty.
- Swear O.ff – Well-Defined Problems: Not all situations are favorable however having a mechanism to state and solve problems help reduce the discrepancies.
- Separate – On A Blend Of The Best Compiled: Alternatives often results in confusion. However, with the help of a wider perspective, it is easier to choose the best alternative.
- Target – The Potential Markets: By having a well stated targeted group, the focus is clear as are the methods.
Quoting an example from the technique that Apple adopted, it is clear that the focus is on capturing the entire market. Apple when launched its computers in 1976, had never anticipated such a tremendous growth in the technology market. Ever since the launch, Apple Computers, Inc., the global giant has diversified into phones, IPads, the superlative music platform iTunes and Apple Mac book pros. Apple introduced iTunes when no other technology giant could even think of it. And that is the prime reason why Apple dominated the Industry then and is dominating still.
In nutshell, the SWOT has come up with a new meaning now, the ideology of which is wider and so is the reach.