What are the key components of the SWOT analysis framework, and how can it be utilized by managers to inform strategic decision-making?

The SWOT analysis framework involves identifying an organization’s strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors, while opportunities and threats are external. Managers can use SWOT analysis to gain insights into their organization’s current position relative to its environment, helping to identify areas for improvement and potential avenues for growth.