7.1b - SWOT Flashcards
1
Q
SWOT analysis definition
A
A method for analysing a business, its resources and its environment
2
Q
What does SWOT analysis look at?
A
- Internal strengths
- Internal weaknesses
- External opportunities
- External threats
3
Q
External opportunities definition
A
Any feature of the external environment which creates positive potential for a business to reach its objectives
4
Q
Threats definition
A
External developments that may hinder or prevent the business from achieving its objectives
5
Q
Advantages of SWOT analysis:
A
- Structured approach
- Highlights current and potential changes in the market
- Encourages outward looking approach
- Makes comparisons with competitors
- Business can match strengths with opportunities and convert weaknesses into strengths
