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Strategic Management: Stages and Environmental Analysis

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Strategic Management: Stages and Environmental Analysis

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Questions and Answers

What is the purpose of a SWOT analysis?

To create a vision and mission for the business

To conduct environmental scanning and analysis

To measure the goals and objectives of the business

To determine challenges and opportunities in the business environments (correct)

Who originated the SWOT analysis tool?

Peter Drucker

Albert S. Humphrey (correct)

Henry Mintzberg

Michael Porter

Which stage in strategic management involves ensuring clear vision, mission, and measurable goals?

Stage 4

Stage 3

Stage 2

Stage 1 (correct)

In what ways can a business apply a SWOT analysis?

To study both internal and external environments Signup and view all the answers

Why is the SWOT analysis considered a useful tool for businesses?

It helps in identifying opportunities and threats Signup and view all the answers

What does a SWOT analysis help identify?

Internal elements of the business Signup and view all the answers

Which of the following is an example of a weakness in a SWOT analysis?

Insufficient use of organisational resources Signup and view all the answers

How are strengths and weaknesses different in a SWOT analysis?

Strengths are positive factors, weaknesses are negative factors Signup and view all the answers

What should a business focus on when identifying opportunities in a SWOT analysis?

External elements favorable for the business Signup and view all the answers

How should a business address its weaknesses identified in a SWOT analysis?

Take active steps to rectify them Signup and view all the answers