Seminar 4 Flashcards
What is a SWOT analysis.
Strength, Weakness, Opportunity, and Threat.
Strength and weakness are internal.
Opportunity and threat are external.
Strength and opportunities are helpful.
Weakness and threats are harmful.
What are internal factors?
Internal factors include the company’s resources and experiences:
Human resources (staff, target population, etc.);
Physical resources (location, building, equipment);
Financial (grants, other sources of income);
Activities and processes;
Past experiences.
What are internal factors? Strengths?
To list off some internal factor strengths, we can include things like
Which operations do you do well, production or marketing?
What is the market share of your organization?
What have been your most notable achievements?
What are internal factors? Weaknesses?
- What should you avoid?
- What is the market share of your organization?
- Is your marketing/advertising effective?
- What is the biggest expense of the operation?
- Will the operation be able to stand price decreases?
- Why do customers not buy from you?
- What relevant resources do you need?
- Does your operation manage its inventories efficiently?
What are External factors?
External factors(opportunities + threats)=> circumstances/factors that are offered by the market and that the company does not control.
Opportunities (you could receive) by entering/operating on the market
Threats (you could face) when entering/continuing operating on the market
Future trends in your industry/market;
The economy (local, national, or international);
Funding sources;
What are External factors? Opportunities?
What new technologies are available that the operation can use to lower costs?
What market trends am I observing?
What new relationships could I develop?
What are External factors? Threats?
Have there been any significant changes in the industry in which you operate?
What is your competition doing?
Are there any, or do you anticipate new competitors in your market?
