KT 4: 3.1.3 SWOT Analysis, 3.1.4 Impact of External Influences

Question 1

SWOT analysis

Answer 1

investigates a company’s current Strengths and Weaknesses and uses them to help foresee future Opportunities and Threats.

Question 2

Benchmarking

Answer 2

comparing your own performance with that of rivals, to try to identify and learn from best practice.

Question 3

Demography

Answer 3

factors relating to the population, such as changes in the number of older people or in the level of immigration

Question 4

Lobbying

Answer 4

the term originated in the “lobby” between the House of Commons and the Houses of Lords; it was where electors came to talk to their local MP.

Question 5

External influence

Answer 5

a factor beyond a firm’s control that can affect its performance- PESTLE. E.g. changes in consumer tastes, laws and regulations and economic factors such as the level of spending in the economy as a whole.

Question 6

Disruptive

Answer 6

technology would shift a whole sector towards a new way of doing things. This is very painful for those left behind.

Question 7

“What if” questions

Answer 7

these are hypothetical i i.e. they are used to test out different possibilities or theories.