1
Q
What is SWOT?
A
Helps a business assess its competitive strength and the nature of its external environment
2
Q
What are the 2 that relate internally?
A
Strength
Weakness
3
Q
What are the 2 that relate externally?
A
Opportunities
Threat
4
Q
How to assess SW?
A
- Competitive Advantage
- Role for benchmarking
- Key Performance Indicators (KPIs)
5
Q
Strengths
A
- Best performing?
- How much profit do best sellers bring?
6
Q
Weaknesses
A
- What needs improvement?
7
Q
Evaluating SW
A
- Important to focus on only the most important
- Is the judgement made reliable (independent)?
- How sustainable are the strengths?
- Can weaknesses be overcome? How?
8
Q
How to assess OT
A
- How to take advantage of opportunities
- How to protect against threats
- Role of risk management & contingency planning
9
Q
Opportunities
A
- How can we expand our product portfolio?
- Is there a gap in the market?
10
Q
Threats
A
- Is there direct competition?
11
Q
Advantages of SWOT
A
- Logical structure
- Focuses on strategic issues
- Encourages analysis of external environment
12
Q
Disadvantages of SWOT
A
- Not specific enough
- Independent?
- Can become out-of-date quickly
13
Q
Advantages of SWOT being used as a strategic tool
A
- Opportunities: used to formulate strategy of growth and attach to use business’s strengths to maximise opportunities in the market
- Threat: used to compete and defend, using strengths to minimise market threats
14
Q
Disdvantages of SWOT being used as a strategic tool
A
- Opportunities: used to improve and attack new markets or produce new products
- Threats: used to identify to change and retreat
15
Q
How can SWOT be used as a tactical tool?
A
Useful as part of planning process to attract investors and funding
16
Q
What can firms do to influence OTs?
A
- Have a contingency plan
- Lobby MPs on legislation
- Review SWOT regularly
- Watch for trends
- Incorporate PESTLE analysis
