Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
14 Cards in this Set
- Front
- Back
|
What is the SWOT analysis?
|
SWOT analysis is a structured planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture.
|
|
|
What is it a tool to summarize?
|
It is a tool to summarize the internal and external analysis
|
|
|
Why do businesses perform SWOT analyses?
|
A business can perform a SWOT analysis as a way of deciding which marketing strategy to use.
|
|
|
What do you do in a SWOT analysis?
|
- collect relevant data
- study past and present data (calculate trends) - identify and estimate trends, market conditions, and potential - use primary and secondary data (internal & external) |
|
|
Explain what strengths are for an organization.
|
Strengths: characteristics of the business or project that give it an advantage over others. Eg good brand or strong sales performance.
|
|
|
What are the implications of the strengths of an organization?
|
Can develop the strengths, perhaps in the way they promote the product, or wish to develop new products (Virgin have used their strong brand name to launch several products)
|
|
|
Explain what weaknesses are for an organization.
|
Weaknesses: are characteristics that place the team at a disadvantage relative to others. E.g. poor response times to requests for information or late deliveries
|
|
|
What are the implications of the weaknesses of an organization?
|
Can implement strategies to eradicate these weaknesses e.g. more resources put into a better warehousing system for the despatch of goods.
|
|
|
Explain what opportunities are for an organization.
|
Opportunities: elements that the project could exploit to its advantage. E.g. new technology making it easier to manufacturer certain goods or new markets abroad
|
|
|
What are the implications of opportunities for an organization?
|
Can use strategies to take advantage of the potential opportunities e.g. developing new products to meet the potential increased demand
|
|
|
Explain what threats are for an organization.
|
Threats: elements in the environment that could cause trouble for the business or project. E.g. competitors introducing better products at lower prices
|
|
|
What are the implications of threats for an organization?
|
Can employ strategies to ward off these problems, e.g. setting lower prices or increasing promotion
|
|
|
What are the internal factors?
|
Internal factors – the strengths and weaknesses internal to the organization
|
|
|
What are the external factors?
|
External factors – the opportunities and threats presented by the environment external to the organization
|
