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Mobiprep has created step by step solution to estimation questions for all product management and consulting interview questions to help you with the mastering placement interviews. So let’s get started with the estimation questions.
Our team has curated a list of the most important product management frameworks asked in interviews such as Google, Deloitte, McKinsey, Microsoft, EY, ZS and many more. The frameworks are created from the best practices adopted by previous year candidates.
SWOT analysis is a type of framework that helps in identifying an organization's position in the real world market. SWOT is defined as Strengths, Weaknesses, Opportunities, and Threats. These four aspects help analyze a company's value and growth in the market. SWOT analyzes both internal and external factors and also helps predict future perspectives.
Key Takeaways
It is a strategic planning technique that gives assessment tools.
Identifying core points like strengths, weaknesses, threats, and opportunities for a product.
It is most effective when it is tested with realistic and diverse data.
👉🏻 Strengths
This domain defines what the organization is good at and makes it stand out.
This is an internal factor that an organization can control to its full potential.
For example- An organization that already has a big name in a specific field can potentially start a new project in a similar field and be successful at it.
👉🏻 Weaknesses
These are the aspects that barricade growth at some point in time. These are the gaps that need attention so that the company can survive the competitive market.
For example- Some of the processes in a specific field can be replaced to get maximum output or the desired output.
👉🏻 Opportunities
These refer to the external factors that may prove beneficial for an organization. These can prove very advantageous and can give an edge in the competitive market.
For example- Building a mall in the city can be game-changing as compared to being on the outskirts of a city.
👉🏻 Threats
These are the external factors that can harm any organization. These cannot be controlled over.
For example- A fruit company that gets a major part of its inventory from a specific forest might suffer heavily in an unprecedented case of flooding.
Conclusion
One of the main benefits of using this is to analyze the current position of your company. If you are looking for a new venture in the current product but are unsure, using this framework can help out your decisions.
It gives a status of the current market value of the product and gives insights into how to make them even better!!