Ch 9. SWOT Analysis
In a SWOT analysis, which of the following best describes the strengths of an organization?
They are key advantages over another company.
A new technology just hit the market that makes your flagship product obsolete. What does this new technology represent in a SWOT analysis?
Threat
Why is environmental scanning used in marketing?
To analyze the overall marketing environment, including the economy, political, and technological changes.
Why would a company utilize SWOT analysis?
To help develop a strategic business plan that will set it apart from its competitors
During your SWOT analysis, you learn that a small socialist country in Latin America has decided to open its market to foreign investment. You believe that consumers in the new market have a need for your product. Where would you analyze this information in your SWOT analysis?
Opportunities
A business can gather information on its competitors by _____.
All answers are correct.
Based on this lesson, which of the following is true about change within an organization?
All answers are correct.
In a SWOT analysis, which of the following would be an example of an opportunity for a mobile phone company?
All answers are correct.
Which of the following are examples of internal environmental factors that can change?
All are correct
You discover that a new competitor has entered the market. At which stage of the SWOT analysis would this discovery probably be made?
Analysis of threats
What is a threat considered in SWOT Analysis?
External
The first steps management should consider determining the feasibility of a new project or expansion project is to determine:
Internal strengths and weaknesses.
Why is it important for companies to evaluate managerial decisions using a SWOT Analysis?
It analyzes strengths, weaknesses, opportunities, and threats.
What is competition analysis?
It is deciding what your competitors' strengths and weaknesses are compared to your company's
What is a unique selling proposition for a company?
It is something that a company is very good at, but their competition is not.
During your SWOT analysis, you learn that your flagship product has a 33% market share, which is 10% higher than your best competitor. How does this information fit into the SWOT analysis?
It's a strength
Jessica has just conducted a SWOT analysis of her firm. What should her next steps be?
Making sure that weaknesses are offset by the strengths and threats are turned into opportunities.
Using _____ on competitors makes it easier to visually analyze a competitor's strengths, weaknesses, opportunities, and threats.
SWOT analysis
Which of the following is true?
SWOT measures two types of environmental factors: internal and external
In a SWOT analysis, what should a company focus turning their weaknesses into?
Strengths
In SWOT analysis, what does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
SWOT is an acronym for what?
Strengths, Weaknesses, Opportunities, and Threats
What is SWOT analysis?
Strengths, weaknesses, opportunities and threats
Which is the best example of a weakness in SWOT analysis used for competition analysis?
The other company has a lot of customer service issues
Management should not be afraid to ask which of the following when reviewing their organization's weaknesses.
What are we not doing well internally?