3. SWOT analysis

Question 1

SWOT analysis
- break it down

Answer 1

• Strengths; Internal factors within a business that can help it achieve
  its objectives
• Weaknesses; Internal factors that could prevent a business from
  achieving its objectives
• Opportunities; External business circumstances that can help it
  achieve its objectives
• Threats; External problems that may prevent a business from
  achieving its objectives

Question 2

SWOT analysis
- can be used as…

Answer 2

• SWOT can be used as a tool to formulate a strategy of growth and attack to use the business’s strengths to maximise opportunities in the market
• SWOT can be used as a tool to compete and defend, using the strengths to minimise the market threats
• SWOT can be used as a tool to improve and attack new markets or produce new products
• SWOT can be used as a tool to identify when to change and retreat