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Unit 2 Business > Terms To Consider > Flashcards

Terms To Consider Flashcards

1
Q

What does PESTEL stand for?

A

Political, Economic, Social, Technological, Environmental, Legal

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2
Q

True or False: SWOT analysis is used to identify Strengths, Weaknesses, Opportunities, and Threats.

A

True

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3
Q

Fill in the blank: The ___ component of PESTEL refers to government policies and regulations.

A

Political

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4
Q

What is the primary purpose of a SWOT analysis?

A

To evaluate an organization’s internal and external environment.

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5
Q

Which of the following is NOT a component of PESTEL? A) Technological B) Environmental C) Financial

A

C) Financial

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6
Q

What does the ‘S’ in SWOT analysis represent?

A

Strengths

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7
Q

True or False: Opportunities in SWOT analysis refer to external factors that the organization can exploit.

A

True

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8
Q

What type of analysis involves examining the external environment of an organization?

A

PESTEL analysis

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9
Q

Fill in the blank: The ___ component of SWOT refers to internal limitations.

A

Weaknesses

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10
Q

What is a common method for gathering data for a PESTEL analysis?

A

Market research

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11
Q

Which component of PESTEL examines cultural trends?

A

Social

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12
Q

True or False: SWOT analysis is only applicable to large organizations.

A

False

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13
Q

What does the ‘T’ in PESTEL stand for?

A

Technological

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14
Q

Which of the following best describes a ‘Threat’ in SWOT analysis? A) A competitor’s new product B) A budget shortfall C) Employee turnover

A

A) A competitor’s new product

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15
Q

What is the focus of the ‘E’ in PESTEL?

A

Environmental factors affecting the market.

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16
Q

Fill in the blank: The ___ component of SWOT looks at external possibilities for growth.

A

Opportunities

17
Q

What is the first step in conducting a SWOT analysis?

A

Identify the organization’s strengths.

18
Q

True or False: PESTEL analysis can help in strategic planning.

A

True

19
Q

What is the significance of the ‘Legal’ aspect in PESTEL?

A

It addresses laws and regulations affecting the market.

20
Q

What type of analysis would you use to assess market trends and customer behavior?

A

PESTEL analysis

21
Q

What does the acronym SWOT stand for?

A

Strengths, Weaknesses, Opportunities, Threats

22
Q

Fill in the blank: The ___ analysis helps organizations identify their competitive advantages.

A

SWOT

23
Q

Which PESTEL factor would include trends in renewable energy?

A

Environmental

24
Q

True or False: Identifying weaknesses is not necessary in a SWOT analysis.

A

False

25
Q

What is one advantage of using PESTEL analysis?

A

It provides a comprehensive view of external factors.

26
Q

What does the ‘O’ in SWOT represent?

A

Opportunities

Unit 2 Business (2 decks)

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