What is a SWOT analysis?
A SWOT analysis is a strategic planning tool used to identify and evaluate an organization's strengths, weaknesses, opportunities, and threats. Here's a brief explanation of each component:
| Strengths: Internal factors that give an organization an advantage over others. These can include unique skills, resources, or assets that contribute to its competitive edge. | Weaknesses: Internal factors that place the organization at a disadvantage relative to others. These may include areas where the organization lacks expertise, resources, or faces challenges. |
| Opportunities: External factors in the environment that the organization could potentially leverage to its advantage. These could include emerging markets, technological advancements, or changes in regulations. | Threats: External factors that could potentially harm the organization's performance or pose challenges. These may include competition, economic downturns, or shifts in consumer behavior. |
| 5 Uses of SWOT Analysis | 5 Limitations of SWOT Analysis |
|---|---|
| Strategic planning and decision-making. | Oversimplification of complex issues. |
| Assessing competitive positioning. | Lack of prioritization among identified factors. |
| Evaluating potential business ventures or investments. | Dependence on subjective judgment rather than objective data. |
| Identifying areas for organizational improvement. | Limited focus on external factors and market dynamics. |
| Developing marketing strategies and campaigns. | Potential for overlooking interdependencies between factors. |
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Multiple Choice Questions
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Question 1: What does the 'S' in SWOT analysis stand for?
A) Strategy
B) Strengths
C) Solutions
D) Systems
Explanation: The 'S' in SWOT analysis stands for Strengths.
Question 2: Which component of a SWOT analysis identifies internal factors that hinder an organization's performance?
A) Strengths
B) Opportunities
C) Weaknesses
D) Threats
Explanation: Weaknesses identify internal factors that hinder an organization's performance.
Question 3: Opportunities in a SWOT analysis refer to which of the following?
A) External conditions that could benefit the organization
B) Internal resources and capabilities
C) Internal challenges and obstacles
D) External threats and risks
Explanation: Opportunities refer to external conditions that could benefit the organization.
Question 4: Which component of a SWOT analysis focuses on external factors that could cause trouble for the organization?
A) Strengths
B) Weaknesses
C) Opportunities
D) Threats
Explanation: Threats focus on external factors that could cause trouble for the organization.
Question 5: In a SWOT analysis, which element assesses the internal attributes that give the organization an advantage over competitors?
A) Weaknesses
B) Threats
C) Opportunities
D) Strengths
Explanation: Strengths assess the internal attributes that give the organization an advantage over competitors.
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Related Links
- What is a business
- Types of business entities
- Sole trader
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- Public limited company
- SWOT analysis
- Mission statement
- Vision statement
- Aims, Objectives, and Strategies
- Ethical objectives
- STEEPLE analysis
- Stakeholders
- Business Growth
- External business growth
- Economies of Scale
- Mergers and takeovers
- Joint venture
- Franchise
- Multinational Companies (MNCs)
- Worksheets
- YouTube videos
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