3.1.3 swot analysis Flashcards Preview

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Flashcards in 3.1.3 swot analysis Deck (7)
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1
Q

define swot analysis

A

A diagnostic tool used to identify the internal strengths and weaknesses and the external opportunities and threats to a business

2
Q

swot helps inform decisions , the value includes

A

Structured approach to analysing a business
Considers both internal and external issues
Includes both qualitative and quantitative factors

3
Q

swot can look to ….

A

maximise strengths
minimise weaknesses
take advantage of opportunities
avoid threats

4
Q

strengths and weaknesses are internal to the business and can relate to any functional areas including

A

Financial performance e.g. profitability, liquidity, gearing
Resource management e.g. quality, stock control, relationship with suppliers, lean production
Human resource management e.g. employer/employee relationships, workforce performance
Marketing e.g. product portfolio, brand recognition
Culture of the business
Corporate social responsibility and ethics

5
Q

opportunities and threats are external to the business and can relate to any external influences including

A
Economic environment e.g. stable, declining, growth
Political and legal environment
Degree of competition
Technological change
Legislation
Consumer trends
Demographics
6
Q

strengths and weaknesses , are the external or internal

A

internal

7
Q

opportunities and weaknesses, are they external or internal

A

external