SWOT analysis

Question 1

What does SWOT stand for

Answer 1

It stands for the strengths and weaknesses of the business and the opportunities and threats it faces

Question 2

What does the SWOT analysis do

Answer 2

It takes a careful look at the business environment which includes the macro and micro environment

Question 3

The MICRO environment

Answer 3

This is where policies, strategies ,business situation and equipment, as well as staff needs are investigated as part of strength and weaknesses

Question 4

MACRO environment

Answer 4

This includes institutions or businesses over which the entrepreneur has little or no control, such as government legislation, the state of economy, they were issues, competitors and suppliers. This is where threats and opportunities are evaluated

Question 5

Which factors are external and which are internal

Answer 5

Internal- strength and weaknesses
External- opportunities and threats