Which statement correctly describes strengths identified in a SWOT Analysis?

In a SWOT Analysis, strengths are defined as the internal advantages that a business possesses in comparison to its competitors. This can include factors such as a strong brand reputation, skilled workforce, proprietary technology, or efficient processes. Recognizing these strengths is crucial for a business to leverage them effectively in its strategic planning and decision-making processes.

By identifying and understanding what sets it apart, a business can create strategies that capitalize on these strengths, enhancing its competitive position in the market. This contrasts with the other aspects of SWOT, such as weaknesses, opportunities, and threats, which provide a broader context for strategic analysis, but are distinctly different from the focus on internal strengths.