3.1.3 SWOT Analysis Flashcards
1
Q
What is SWOT Analysis
A
A method for analysing a business, its resources and its environment.
2
Q
What are the internal factors
A
- Strengths
- Weaknesses
3
Q
What are the external factors
A
- Opportunities
- Threats
4
Q
What are Strengths and Weaknesses
A
- Internal to the business
- Relate to the present situation
5
Q
What are Opportunities and Threats
A
- External to the business
- Relate to changes in the environment which will impact the business
6
Q
Examples of weaknesses
A
- Skill gap
- Outdated technology
- Overdependence on a single product
- Poor quality product
- High fixed costs
7
Q
Possible responses to improve a business
A
- Invest in quality assurance
- Diversify the product portfolio and by entering new markets
- Examine potential for outsourcing or offshoring
- Invest in training and more effective recruitment
- Acquire competitor and with leading technology
