3.1.3 SWOT Analysis

Question 1

What are the four factors in a SWOT analysis?

Answer 1

Strengths, Weaknesses, Opportunities and Threats

Question 2

What is the definition of an internal factor?

Answer 2

The Strengths and weaknesses (factors the business can influence)

Question 3

What is an internal factor?

Answer 3

People (employees…), marketing, finance and operations.

Question 4

What are the external factors of the SWOT analysis?

Answer 4

Opportunities and threats (beyond the control of the business)

Question 5

Examples of external factors?

Answer 5

Pose opportunities or threats including political, economic, social, technological, legal and environmental factors and competitor behaviour.

Question 6

Why is SWOT Analysis important?

Answer 6

It helps managers make strategic and tactical decisions. It considers the businesses individual circumstances, and is done in a factual and objective way.

Question 7

One Advantage of the SWOT Analysis?

Answer 7

It can easily be re-done to take into account changing conditions. Meaning a business can adapt it’s strategy using the new SWOT analysis.

Question 8

What does a SWOT Analysis do?

Answer 8

It lets the business know where it has a competitive advantage over its rivals.