3.1.3 SWOT analysis Flashcards
1
Q
what is SWOT stand for?
A
SWOT stands for strengths, weaknesses, opportunities and threats.
2
Q
what is SWOT used for
A
SWOT is a strategic planning tool that a business can use it to analyze its current position and what external factors might affect it.
3
Q
what are some of the benefits of SWOT?
A
Assists strategic thinking in a structural way
- low cost, simple approach
- can be combined with other decision making techniques
4
Q
what are some limitations of SWOT?
A
- it is a subjective tool that depends on managers opinions
- does not offer clear solutions
- classification depends in perspective
5
Q
Give two examples of SWOT being used?
A
internal/ external audit.
