7.1b SWOT Flashcards
1
Q
SWOT analysis definition
A
A method for analysing a business, its resources and its environment
2
Q
SWOT meaning
A
- (Internal) Strengths
- (Internal) Weaknesses
- (External) Opportunities
- (External) Threats
3
Q
External opportunities definition
A
Any feature of the external environment which creates positive potential for a business to reach its objectives
4
Q
Threats definition
A
Any external development that may hinder or prevent the business from achieving its objectives
5
Q
Value of SWOT analysis:
A
- Structured approach
- Highlights current and potential changes in market
- Makes comparisons with competitors
- Lets business know where it has a competitive advantage so they can focus on it
