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Strategic Planning and SWOT Analysis

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Questions and Answers

What does environmental scanning involve?

Assessing financial performance

Collecting information about the competitors only

Conducting internal audits

Collecting information about the environment surrounding your business (correct)

What is an Opportunity in a SWOT analysis?

A favorable situation in the environment surrounding your business.

What is an S-O strategy?

A marketing strategy that focuses on opportunities that are a good match with the business's strengths.

What does an S-T strategy focus on?

Using a business's strengths to overcome its threats. Signup and view all the answers

What is the focus of strategic planning?

Long-range planning (three to five years) for the company as a whole. Signup and view all the answers

What is a Strength in a SWOT analysis?

Any resource or capability your business has that can help you gain a competitive advantage. Signup and view all the answers

What is a SWOT analysis?

A marketing tool that investigates a business's strengths, weaknesses, opportunities, and threats, in an organized fashion. Signup and view all the answers

What is a SWOT matrix?

A table that displays the key issues in a SWOT analysis. Signup and view all the answers

What is a Threat in a SWOT analysis?

Any unfavorable situation in the environment surrounding your business. Signup and view all the answers

What is a W-O strategy?

A marketing strategy that focuses on overcoming a business's weaknesses so that the business can pursue opportunities. Signup and view all the answers

What does a W-T strategy focus on?

Ensuring that a business's weaknesses don't make it even more vulnerable to the threats it already faces. Signup and view all the answers

What is a Weakness in a SWOT analysis?

Any limitation or shortcoming your business has that can keep you from achieving your objectives. Signup and view all the answers

What is the primary objective of a SWOT analysis?

To help organizations develop a full awareness of all the factors involved in a decision. Signup and view all the answers

Study Notes

Environmental Scanning

Involves collecting information about the external environment impacting a business.

Opportunity

Represents a favorable condition or situation that can benefit a business.

S-O Strategy

A marketing approach leveraging business strengths to capitalize on identified opportunities.

S-T Strategy

Focuses on using a business's strengths to mitigate or counteract external threats.

Strategic Planning

Long-range planning typically spanning three to five years for comprehensive company development.

Strength

Any resource or capability contributing to a competitive edge within the industry.

SWOT Analysis

A structured marketing tool analyzing a business's strengths, weaknesses, opportunities, and threats.

SWOT Matrix

A visual table that organizes the critical issues identified during a SWOT analysis.

Threat

Any adverse circumstance or development that poses risks to a business.

W-O Strategy

A marketing approach aiming to address and overcome weaknesses to exploit opportunities.

W-T Strategy

A strategy designed to protect a business from further vulnerabilities linked to its weaknesses amidst existing threats.

Weakness

Represents limitations or deficiencies hindering a business from achieving its goals.

Purpose of SWOT Analysis

Aids organizations in gaining comprehensive awareness of various factors influencing decisions, vital for strategic planning.

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Description

This quiz explores key concepts related to strategic planning and SWOT analysis, including opportunities, strengths, weaknesses, and threats that can affect a business. Test your knowledge on how businesses can leverage their strengths and address external challenges through effective marketing strategies.