SWOT is not a new buzz word any more. SWOT is very often used in corporate planning process of many big organisations along with PEST and gap analysis.
Albert Humphrey at Stanford Research Institute, in 1960 coined this term, as an acronym to Strength - Weakness - Opportunity - Threat Study of a business based on data collected from fortune 500 companies then. Since then many have further studied, modified and applied the concept for personal as well as business analysis.
In MEROPS we use it to bring out an individual's potential to success in an entrepreneurship venture. We have our own framework of performing SWOT analysis which can dictate a potential business plan strategy based on individual’s strengths and leveraging the opportunities available to him.
SWOT with us, is an inside-out study i.e. we focus on Strengths and Weaknesses first and then analyse opportunities and threats to list a SWOT item that generates valuable strategies.
SWOT analysis at MEROPS is one-to-one approach which is focused on deriving a basic business concept/model and supports to further study of derivation of a well-defined business model.