SWOT Analysis (3.1.3)

Question 1

What is SWOT analysis?

Answer 1

It’s an analytical tool used by businesses to identify Strengths, Weakenesses, Opportunities + Threats

Question 2

What does SWOT Analysis stand for?

Answer 2

Strengths
Weaknesses
Opportunities
Threats

Question 3

What do each of the four sections mean of SWOT?

Answer 3

Strengths- What the business is good at
Weaknesses-What the business does poorly
Opportunities-Options a business may exploit to enjoy further success
Threats- Hazards that have the potential to damage business performance

Question 4

What should the four sections be done with to improve performance?

Answer 4

Strengths-Harnessed
Weaknesses-Eliminated
Opportunities-Seized
Threats-Mitigated (Make less severe)

Question 5

What does PESTLE stand for?

Answer 5

Political
Economical
Social
Technological
Legal
Environmental

Question 6

What is the difference between external and internal in a business?

Answer 6

External you can’t control but internal you can control.

Question 7

What does SWOT analysis look like?

Answer 7

Internal External
Positive Strengths Opps

Negative Weaknesses Threats

Question 8

What are some strengths and weaknesses a business can have?

Answer 8

Strengths:
-Strong USP’s
-Strong Customer service
-High quality products
-High quality workforce
-High economies of scale

Weaknesses:
-Lack of USP’s
-Poor customer service
-Low quality products
-Low quality workforce
-Low economies of scale

Question 9

What are some Opportunities and Threats a business can have?

Answer 9

Opportunities:
-New trends
-New markets
-Increasing income
-Strengthening currency (IM)
-Weakening currency (EX)

Threats:
-Competition
-Saturated Markets
-Decreasing income
-Strengthening currency (EX)
-Weakening currency (IM_