Swot Analysis Flashcards
1
Q
What is SWOT analysis
A
A tool used for strategic planning that involves analysing internal resources and its external environment
2
Q
Which is the internal audit
A
Strengths & weaknessss
3
Q
Which is the external audit
A
Opportunities & threats
4
Q
How to conduct an internal audit
A
Look at
- core competencies
- human resource audit
- financial audit
- assets available = HR
- image
5
Q
How to conduct external audit
A
PESTLE
6
Q
3 advantages of SWOT analysis
A
- encourages systematic approach to strategic decision making
- weakness’ & threats identified and addressed
- used to identify core competencies and create USP
7
Q
Two disadvantages of SWOT analysis
A
- depends on the quality of the data = outdated, assumed, researched, representable?
- paralysis by analysis = collecting data with no action wasting time and money
