Podcast
Questions and Answers
What does environmental scanning involve?
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?
What is an Opportunity in a SWOT analysis?
A favorable situation in the environment surrounding your business.
What is an S-O strategy?
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?
What does an S-T strategy focus on?
What is the focus of strategic planning?
What is the focus of strategic planning?
What is a Strength in a SWOT analysis?
What is a Strength in a SWOT analysis?
What is a SWOT analysis?
What is a SWOT analysis?
What is a SWOT matrix?
What is a SWOT matrix?
What is a Threat in a SWOT analysis?
What is a Threat in a SWOT analysis?
What is a W-O strategy?
What is a W-O strategy?
What does a W-T strategy focus on?
What does a W-T strategy focus on?
What is a Weakness in a SWOT analysis?
What is a Weakness in a SWOT analysis?
What is the primary objective of a SWOT analysis?
What is the primary objective of a SWOT analysis?
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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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