SWOT/STEEPLE test Flashcards Preview

IB BUSINESS AND MANAGEMENT yr1 > SWOT/STEEPLE test > Flashcards

Flashcards in SWOT/STEEPLE test Deck (23)
Loading flashcards...
1

S.W.O.T

Strengths, Weaknesses, Opportunities and Threats

2

what is a SWOT analysis?

A method for assessing a business, its resources, and its environment

3

For what External Factors is Steeple used for?

Opportunities and Threats

4

Internal Factors

Strengths and Weaknesses: controlled by the Firm

5

External Factors

Opportunities and Threats: not controlled by the firm, ex. Politics and/or economics

6

What does the SWOT analysis provide?

information that is helpful in matching the firm’s resources and capabilities

7

Strengths

Company strengths: Help build up competitive advantage.

8

Weaknesses

Company Weaknesses: One should seek ways to reduce or eliminate weaknesses before they become too severe.

9

Opportunities

Opportunities in the Market:

10

Threats

Company threats

11

Strength Examples

Market Dominance; Low cost production; Leadership; Reputation; High productivity; good skills.

12

Weaknesses Examples

Weak Position; high cost structure; Quality Problems; Poor reputation; lack of skills.

13

Examples of opportunities

Technological Innovation; New Demand; Market Growth; Change in Culture; Economic Growth.

14

Examples of Threats

Decline in Economy; New Laws; Change in Culture; Other firms.

15

S.T.E.E.P.L.E

Social; Technology; Economic; Environment; Politics; Legal/Laws; Ethics

16

STEEPLE definition

Framework used to analyse the external environment and identify external factors that represent opportunities and threats.

17

Political

Political Intervention, such as interest rat policy, affects demand patterns.

18

Economic

Changes in the economy, which affects a firm, ex. Inflation, Unemployment.

19

Social

Social and Cultural Changes require market research to identify trends and pattern, ex. Growth in Population, Media pov, etc.

20

Technological

Affects different firms in different areas, ex. communication devices, machinery, software, goods, etc.

21

Legal

Laws and Restrictions that a company has to follow, company have to follow these requirements.

22

Environmental

Company has to deal with impacts in the environment.

23

Ethical

Social principles that govern or influence the behaviors and a pov of what is right and wrong for a firm.