UX is at the center of technology, business, and the user. Without the business, UX can’t exist, at least not as a career. Knowing the business objectives behind a feature is incredibly important.
A SWOT analysis gives you detailed insight into a company and its position in the market. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
Internal factors that positively impact the company such as knowledge, brand reputation, intellectual property, etc.
Internal factors that negatively impact the company such as low funding, poor product quality, bad customer service, etc.
External factors that have the potential to positively impact the company such as acquiring competitors, strong market growth predictions, international presence, etc.
External factors that have the potential to negatively impact the company such as government regulations, new competitors, economic downturns, etc.
A SWOT analysis will give you a high-level idea of where the company is headed both internally and externally.
While just a SWOT analysis on its own will not help you to identify a precise problem to solve, it will provide you with valuable context.
Use a SWOT analysis to:
• Understand the business context of a company or product.
• Identify gaps in the market and potential problems to solve.
• Uncover market trends that can help you develop your product definition.
• Understand your company’s internal weaknesses and external threats and how to turn them into opportunities.