3.1 Swot analysis

Question 1

Swot analysis

Answer 1

Analytic tool to identify internal strengths, weaknesses, opportunities and threats.

Question 2

What does a swot analysis help businesses do?

Answer 2

Understand business position so appropiate strategic decisions may be made.

Question 3

Strengths

Answer 3

What the business is good at?

Question 4

Strength examples

Answer 4

Qualities which seperate businesses from their rivals.
Internal resources.
Loyal customer base.

Question 5

Weaknesses

Answer 5

What a business does poorly?

Question 6

Weaknesses example

Answer 6

Lack of competitive advantage
Lack of USP
Poor online presence

Question 7

Opportunities

Answer 7

Options a business may exploit to enjoy further success.

Question 8

Opportunities example

Answer 8

A market where few competitors exist.
Changing legal or political enviroment.
Social or technological development.

Question 9

Threats

Answer 9

Hazards that have potential to damage business performance.

Question 10

Threats example

Answer 10

New or emerging competitors.
Negative press coverage.
Changing customer attitudes.