Podcast
Questions and Answers
In a SWOT analysis, which of the following pairs correctly identifies the nature of the factors?
In a SWOT analysis, which of the following pairs correctly identifies the nature of the factors?
- Opportunities (Internal), Threats (External)
- Strengths (External), Weaknesses (Internal)
- Strengths (Internal), Threats (External) (correct)
- Weaknesses (External), Opportunities (Internal)
A business experiencing the 'maturity' stage of growth faces similar strategic challenges as a business in the 'startup' stage.
A business experiencing the 'maturity' stage of growth faces similar strategic challenges as a business in the 'startup' stage.
False (B)
An organization identifies a new, disruptive technology that could significantly alter its market. In the context of business environment analysis, would this be considered an internal or external factor?
An organization identifies a new, disruptive technology that could significantly alter its market. In the context of business environment analysis, would this be considered an internal or external factor?
external
Choosing between a sole proprietorship and an LLC primarily involves comparing differences in legal ______ and ownership structures.
Choosing between a sole proprietorship and an LLC primarily involves comparing differences in legal ______ and ownership structures.
Match each stage of the business life cycle with its typical strategic focus:
Match each stage of the business life cycle with its typical strategic focus:
Which legal structure provides the LEAST liability protection for the owner's personal assets?
Which legal structure provides the LEAST liability protection for the owner's personal assets?
A negative trend in consumer preferences will always have an immediate and direct negative impact on a business's sales performance.
A negative trend in consumer preferences will always have an immediate and direct negative impact on a business's sales performance.
Explain how performing a SWOT analysis can assist a business in making strategic decisions regarding market entry.
Explain how performing a SWOT analysis can assist a business in making strategic decisions regarding market entry.
In the context of adapting to business trends, a company that successfully integrates artificial intelligence into its supply chain to improve efficiency is ______ on the trend.
In the context of adapting to business trends, a company that successfully integrates artificial intelligence into its supply chain to improve efficiency is ______ on the trend.
During which stage of the business life cycle is a business MOST likely to focus on innovation and developing new products or services to avoid stagnation?
During which stage of the business life cycle is a business MOST likely to focus on innovation and developing new products or services to avoid stagnation?
Flashcards
Internal Factors
Internal Factors
Elements within a company that can affect its success.
External Factors
External Factors
Factors outside the company that still have influence.
Business Life Cycle Stages
Business Life Cycle Stages
Startup, growth, maturity, and decline.
SWOT
SWOT
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Legal Ownership Structures
Legal Ownership Structures
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Impact of Trends
Impact of Trends
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SWOT Analysis
SWOT Analysis
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Business Environment Analysis
Business Environment Analysis
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Legal Structures
Legal Structures
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Adapting to Trends
Adapting to Trends
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Study Notes
- Internal factors refer to elements within a company that can affect its success.
- External factors exist outside of the company while still influencing it.
- The business life cycle includes start-up, growth, maturity, and decline.
- SWOT analysis evaluates a business's Strengths, Weaknesses, Opportunities, and Threats.
- Sole proprietorships and partnerships are some examples of legal ownership structures.
- Business trends correlate to a business's cause and effect relationships.
SWOT Analysis Techniques
- SWOT analysis serves as a strategic planning tool.
- It evaluates Strengths, Weaknesses, Opportunities, and Threats in a project or business venture.
- SWOT analysis applies to a company, product, place, or person.
- Strengths and weaknesses are internal factors in SWOT.
- Opportunities and threats are external factors in SWOT.
Business Growth Stages
- Growth stages include startup, growth, maturity, and renewal or decline.
- Businesses face different problems as they progress through their life-cycle stages.
- Adapting strategies to each stage is vital for continued success.
Business Environment Analysis
- Business environment analysis involves assessing internal and external factors for strategic advantage.
- This type of analysis aids in making strategic decisions.
- It identifies potential risks and opportunities to the business.
Legal Structures of Businesses
- Legal structures include sole proprietorship, partnership, LLC, and corporation.
- Each structure carries different legal and tax implications.
- The legal structure affects liability and ownership.
Impact of Trends on Business Performance
- Trends can affect sales, marketing, and operations of a business.
- Businesses adapt strategies to capitalize on trends to improve performance.
- Failure to adapt to trends can lead to decreased performance, even failure.
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