Week 1: SWOT video

Question 1

Name all components of SWOT

Answer 1

Internal analysis:
*Strengths- Characteristics of the firm that give it an advantage over others.
*Weaknesses- Characteristics of the firm that put it at a disadvantage to others.

External analysis:
*Opportunities- Untapped elements in the firm’s environment that it could exploit to its benefit.
*Threats- Elements in the firm’s environment that could represent a challenge or drawback.

Question 2

Describe all the phases of SWOT

Answer 2

1. ANALYSIS PHASE
   Can use a variety of brainstorming techniques to uncover the relevant SWOTs.
   Can also use other desk research techniques to get a more well-rounded overview of SWOTs.
   It is also recommended to use interviews with insiders of the business, as well as with external stakeholders, to ‘triangulate’ your evidence and findings.
2. SYNHESIS PHASE
   Typically try to identify how themvarious SWOTs interact.
   Recommended to use a “correlation table” or “interaction grid” to visualise which factors interact.
   Piecing the elements discovered during the analysis phase together in coherent narratives.
3. IMPLEMENTATION PHASE
   Develop the narratives discovered during synthesis into concrete action plans.
   Matching
   Converting

Question 3

What you seek to do in the implementation phase of SWOT

Answer 3

*Matching
Seek to create competitive advantage by applying your strengths to an opportunity.
S–>O

*Converting
Seek to convert weaknesses into strengths, or threats into opportunities.
W–>S
T–>O