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IB BUSINESS AND MANAGEMENT yr1 > SWOT/STEEPLE test > Flashcards

SWOT/STEEPLE test Flashcards

1
Q

S.W.O.T

A

Strengths, Weaknesses, Opportunities and Threats

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2
Q

what is a SWOT analysis?

A

A method for assessing a business, its resources, and its environment

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3
Q

For what External Factors is Steeple used for?

A

Opportunities and Threats

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4
Q

Internal Factors

A

Strengths and Weaknesses: controlled by the Firm

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5
Q

External Factors

A

Opportunities and Threats: not controlled by the firm, ex. Politics and/or economics

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6
Q

What does the SWOT analysis provide?

A

information that is helpful in matching the firm’s resources and capabilities

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7
Q

Strengths

A

Company strengths: Help build up competitive advantage.

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8
Q

Weaknesses

A

Company Weaknesses: One should seek ways to reduce or eliminate weaknesses before they become too severe.

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9
Q

Opportunities

A

Opportunities in the Market:

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10
Q

Threats

A

Company threats

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11
Q

Strength Examples

A

Market Dominance; Low cost production; Leadership; Reputation; High productivity; good skills.

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12
Q

Weaknesses Examples

A

Weak Position; high cost structure; Quality Problems; Poor reputation; lack of skills.

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13
Q

Examples of opportunities

A

Technological Innovation; New Demand; Market Growth; Change in Culture; Economic Growth.

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14
Q

Examples of Threats

A

Decline in Economy; New Laws; Change in Culture; Other firms.

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15
Q

S.T.E.E.P.L.E

A

Social; Technology; Economic; Environment; Politics; Legal/Laws; Ethics

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16
Q

STEEPLE definition

A

Framework used to analyse the external environment and identify external factors that represent opportunities and threats.

17
Q

Political

A

Political Intervention, such as interest rat policy, affects demand patterns.

18
Q

Economic

A

Changes in the economy, which affects a firm, ex. Inflation, Unemployment.

19
Q

Social

A

Social and Cultural Changes require market research to identify trends and pattern, ex. Growth in Population, Media pov, etc.

20
Q

Technological

A

Affects different firms in different areas, ex. communication devices, machinery, software, goods, etc.

21
Q

Legal

A

Laws and Restrictions that a company has to follow, company have to follow these requirements.

22
Q

Environmental

A

Company has to deal with impacts in the environment.

23
Q

Ethical

A

Social principles that govern or influence the behaviors and a pov of what is right and wrong for a firm.

IB BUSINESS AND MANAGEMENT yr1 (1 decks)

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