3.1.3 Swot Analysis Flashcards

1
Q

define swot analysis

A

analysis of the internal strengths and weaknesses of the business, & the opportunities and threats presented by its external environment

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2
Q

define trade association

A

an organisation whose members are all involved in the same industry or trade, the organisation pursues the interests of these businesses

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3
Q

define external audit

A

an audit of the external environment in which a business finds itself such as the market in which it operates

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4
Q

define internal audit

A

an audit of the business itself and how it operates

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5
Q

define strengths

A

internal factors within a business which can help the business achieve its objectives

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6
Q

define weaknesses

A

internal factors that could prevent a business from achieving its objectives

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7
Q

define opportunities

A

external business circumstances that can help it achieve its objectives

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8
Q

define threats

A

external problems that may prevent a business from achieving its objectives

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9
Q

how do businesses gather info to develop a strategy?

A

internal and external audits

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10
Q

explain what an internal audit collects

A

attempts to identify the strengths and weaknesses of its operations
covers areas like finance, production and human resources

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11
Q

explain what an external audit collects

A

addresses three key areas such as the market, competition and PESTLE issues relevant
looks at the size, growth of market, characteristics of customers, products, pricing, distribution and promotion

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12
Q

give examples of questions to figure out strengths?

A

what unique or low cost resources does the business have?
what is the USP

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13
Q

give examples of Qs to figure out weaknesses?

A

what could you improve?
what should you avoid?

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14
Q

give examples of qs to figure out opportunities?

A

what good opportunities can you spot?
what interesting trends are you aware of?

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15
Q

give examples of Qs to figure out threats?

A

what obstacles do you face?
what are your competitors doing?

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16
Q

what can SWOT be used as a tool for?

A

formulate a strategy of growth and attack
compete and defend using strengths to minimise market threats
Improve and attack new markets
Identify when to change and retreat

17
Q

benefits of swot?

A

easily redone to account for changing conditions -> adaptable
lets bus know where the competitive advantage is over its competitors