SWOT

Question 1

What does SWOT stand for?

Answer 1

It stands for:
Internal Strenghs
Internal Weaknesses
External Opportunities
External Threats

Question 2

What is the goal of SWOT?

Answer 2

It is a study undertaken by an organisation to identify its internal and external strengths and weaknesses and helps the business to set objectives and highlight areas that require special attention.

Question 3

What are the benefits of SWOT? (P1)

Answer 3

It analyses the effectiveness of the company’s operation and internal factors which influence its success.
Shows the current and potential future position of a company.

Question 4

What are the benefits of SWOT? (P2)

Answer 4

Highlights company’s strengths and weaknesses against competitors
Used to help the company meet consumer needs and keep up with the competition.

Question 5

What are the drawbacks of SWOT? (P1)

Answer 5

Weakness and strengths are often a matter of perception rather than fact.
May be advisable to employ an outside company to carry out regular audit of the business.

Question 6

What are the drawbacks of SWOT? (P2)

Answer 6

Open to interpretations.
Information is never perfect and the future is always changing.

Question 7

What are examples of strengths?

Answer 7

Brand Awareness
Loyal Customer Base
Quality
Special Promotions

Question 8

What are examples of weaknesses?

Answer 8

Lack of variety
High staff turnovers
Failing revenues
Declining market share

Question 9

What are examples of opportunities?

Answer 9

Growth in developing countries
Changing customer tastes
Online orders
New product ranges

Question 10

What are examples of threats?

Answer 10

Environmental concerns
Changing social attitudes
Health concerns
Competition