Business Strategy SWOT Analysis Flashcards
Steps to developing a business strategy
- Determine the business objectives
- Assess/analyse current and future performance
- Make decisions
SWOT analysis
Strengths
Weaknesses
Opportunities
Threats
What are external factors to consider when analysing?
Threats and Opportunities
What are internal factors to consider when analysing?
Strengths and Weaknesses
What kind of business strategies can be concluded?
Marketing strategy, Financial strategy, Information Systems strategy etc
Tools to help in developing businesses
SWOT analysis and PESTLE analysis
Business strategies should be led by…
the needs of the business, not by technology
PESTLE analysis
Political
Economic
Social/cultural
Technological
Legal
Environmental
When is PESTLE used?
To track external factors that can affect the activities and position of the company
Example of political factors
tax, trade, employment, gov stability, gov interventions
Example of economic factors
inflation, growth, interest, unemployment rates, supply and demand
Example of social factors
culture, education, lifestyle, demographics, dietary options
Example of technological factors
technical developments (robots, mobile apps, AI, analytics)
Example of legal factors
consumer, labour, health & safety, industry regulations
Example of environmental factors
geography/climate, environmental regulations, public attitudes
