3.1.3 Flashcards
1
Q
What is SWOT analysis?
A
Acronym - analytical tool to analyse the strengths, weaknesses, opportunities + threats where the business operates
2
Q
What r the external factors of swot?
A
Opportunities and threats (as happen outside business)
3
Q
What r the internal factors of swot?
A
Strengths and weaknesses (as what the business can control)
4
Q
Purposes?
A
Strengths - sustains
Weaknessses - solve/eliminate
Opps - exploite
Threats - protect ourselves from
5
Q
Advantages of swot
A
Identify weaknesses + develop strategies to solve them (train employees)
6
Q
Disadvantages of swot
A
-Find solutions urself as swot analysis doesn’t tell you
-subjective as owner does swot analysis
