SWOT analysis (1 Viewer)

[teneale99]

hey guys can someone tell me what swot analysis is please im away from home and do not have textbooks with me.
thanks !

 

[goan_crazy]

SWOT ANALYSIS...From my notes

SWOT ANALYSIS:
Biz’s can use the SWOT ANALYSIS when evaluating themselves and their competitors.
It is a very useful tool in biz planning
SWOT stands for:
STRENGTHS-the things that a biz does better than its competitors
WEAKNESSES-the things that the biz does not do as well as its competitors.
OPPORTUNITIES-That can arise from the external biz environment.
THREATS-That can arise from the external biz environment.

Figure 3.27: Questions asked in the SWOT analysis
STRENGTHS-does the biz have?
• Enough financial resources to operate freely?
• A good reputation with the customers and suppliers
• A competitive advantage in a particular area
• Well developed management skills

WEAKNESSES-does the biz have?
• Outdated technology?
• A poor reputation in the marketplace?
• A limited product/service offering?
• Poor strategies?

OPPORTUNITIES-does a biz have?
• Entering new markets with our products?
• Developing new products for a growing demand?
• Improved economic conditions?
• Poor competition?

THREATS-Is there a possibility of?
• New competitors entering the market?
• Change in govt. regulations?
• Increasing interest rates?
• Cheaper substitute products?

By answering these questions, a biz can work out its COMPETITVE ADVANTAGE, as well as future directions and strategies.

 

[teneale99]

thankyou guys

hey just want to say a huge thanks, u guys really helped i actually know what it is now and get it.
thankyou so much!!!