SWOT analysis
Strengths and weaknesses
Strengths and weaknesses are internal to the business. Basically anything which is in the business' control. e.g. Marketing - brand recognition, product portfolio, their target market, etc. Culture of the business - Resource management - quality, stock control, relationships, etc.
SWOT analysis
A swot analysis is a technique used to assess the current situation of a business by examining the internal strengths and weaknesses and external opportunities and threats.
SWOT analysis
Strengths Weakness Opportunities Threats Internal considerations: Strengths + Weaknesses External considerations: Opportunities + Threats A diagnostic tool used to identify he internal strengths and weaknesses and the external opportunities and threats to a business. SWOT analysis helps inform decision making. It helps: - Structure an approach to analysing a business. - Considers both internal and external issues. - Includes both qualitative and quantitative factors. Can look to: - maximise strengths - minimise weaknesses - take advantage of opportunities - avoid threats
Opportunities and threats
Opportunities and threats are external to the business and can relate to any external influence. Basically anything that will affect a business' decision making but it not within their control. e.g. Consumer trends - you can't affect what becomes popular, e.g. healthy eating is on the rise, Degree of competition - which firms your competing with Economic environment - whether the economy is in recession or a boom phase, interest rates, etc. etc.
