3.1.3 SWOT

Question 1

2 ways in which company can gather info to help develop strategy?

Answer 1

internal and external audit

Question 2

Define an internal audit? What things will it look at? (3)

Answer 2

analysis of business itself and how it operates
products
costs
production

Question 3

Define external audit? What things will it look at? (3)

Answer 3

analysis of environment in which business operates
size and growth of market
pricing strategy
promotion

Question 4

What is a SWOT analysis?

Answer 4

involves looking at internal strengths and weaknesses, external opportunities and threats of business

Question 5

2 examples of internal strengths of business?

Answer 5

highly motivated workforce

loyal customer base

Question 6

2 examples of internal weaknesses of business?

Answer 6

poor cashflow

bad organisational structure

Question 7

2 examples of external opportunities of a business?

Answer 7

fall of raw materials

change of exchange rates

Question 8

2 examples of external threats of business?

Answer 8

new entrant to market

recession