3.1.3 swot analysis

Question 1

What is a swot analysis?

Answer 1

When a begonias develops a new strategy or makes a plan it is required to develop the appropriate information to support this. They can do this by carrying out:
- internal audit
- external audit

Question 2

What is an internal audit?

Answer 2

Analysis of overall business and how it operates. It attempts to identify strengths and weaknesses of the business.
-products
- hr
- costs
- structure of the business

Question 3

What is an external audit?

Answer 3

Analysis of the environment in which it operates and over aspects it has little or no control over, focusing on the opportunities and threats they face -
- size and growth of market
- customers- demographics
- products within market
- pricing structure

Question 4

What does swot stand for

Answer 4

• Strengths
• Weaknesses
• Opportuntites
• Threats

Question 5

What are advantages of a swot analysis?

Answer 5

• cheap
• helps with processing a large amount of data
• can use market research to support it

Question 6

What are disadvantages of a swot analysis?

Answer 6

• can be general/ vague
• can be subjective
• there will still be unknown factors