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Questions and Answers
What is a characteristic of an organization's strengths?
What is a characteristic of an organization's strengths?
Which of the following is an example of a weakness?
Which of the following is an example of a weakness?
What is an example of an opportunity that an organization can leverage to its advantage?
What is an example of an opportunity that an organization can leverage to its advantage?
What is an example of a threat that can negatively impact an organization?
What is an example of a threat that can negatively impact an organization?
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What is one of the applications of SWOT analysis?
What is one of the applications of SWOT analysis?
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What is the main purpose of conducting a SWOT analysis?
What is the main purpose of conducting a SWOT analysis?
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What is a primary advantage of utilizing SWOT analysis in business decision-making?
What is a primary advantage of utilizing SWOT analysis in business decision-making?
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What does SWOT analysis provide that is critical to forecasting variables in business?
What does SWOT analysis provide that is critical to forecasting variables in business?
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Which of the following best describes a benefit of using SWOT analysis?
Which of the following best describes a benefit of using SWOT analysis?
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What is a key benefit of conducting a SWOT analysis in terms of competitor review?
What is a key benefit of conducting a SWOT analysis in terms of competitor review?
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What is a benefit of using SWOT analysis in terms of business forecasting?
What is a benefit of using SWOT analysis in terms of business forecasting?
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What does a SWOT analysis provide that is essential for business decision-making?
What does a SWOT analysis provide that is essential for business decision-making?
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What is a primary benefit of using SWOT analysis in the decision-making process?
What is a primary benefit of using SWOT analysis in the decision-making process?
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How does SWOT analysis facilitate the sharing and comparison of ideas among decision makers?
How does SWOT analysis facilitate the sharing and comparison of ideas among decision makers?
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What is a key advantage of using SWOT analysis in the business world?
What is a key advantage of using SWOT analysis in the business world?
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How does SWOT analysis contribute to the decision-making process?
How does SWOT analysis contribute to the decision-making process?
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What is a benefit of using SWOT analysis to organize important factors linked to success?
What is a benefit of using SWOT analysis to organize important factors linked to success?
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How does SWOT analysis help to improve the decision-making process?
How does SWOT analysis help to improve the decision-making process?
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What is a primary benefit of conducting a SWOT analysis in the context of strategic planning?
What is a primary benefit of conducting a SWOT analysis in the context of strategic planning?
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How does SWOT analysis facilitate decision-making in an organization?
How does SWOT analysis facilitate decision-making in an organization?
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What is a key outcome of conducting a SWOT analysis in terms of strategic development?
What is a key outcome of conducting a SWOT analysis in terms of strategic development?
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What is a benefit of SWOT analysis in terms of organizational capabilities?
What is a benefit of SWOT analysis in terms of organizational capabilities?
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How does SWOT analysis facilitate group participation in an organization?
How does SWOT analysis facilitate group participation in an organization?
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What is a key benefit of SWOT analysis in terms of strategic planning?
What is a key benefit of SWOT analysis in terms of strategic planning?
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What is a benefit of SWOT analysis in terms of decision-making?
What is a benefit of SWOT analysis in terms of decision-making?
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What is a key outcome of conducting a SWOT analysis in terms of strategic development?
What is a key outcome of conducting a SWOT analysis in terms of strategic development?
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Study Notes
SWOT Analysis
What is SWOT Analysis?
A strategic planning technique used to identify and evaluate the Strengths, Weaknesses, Opportunities, and Threats of an organization, project, or individual.
Strengths
- Internal characteristics that give an organization an advantage over others
- Examples:
- Skilled workforce
- Strong brand recognition
- Patented technology
- High-quality products/services
- Strengths are internal and can be controlled by the organization
Weaknesses
- Internal characteristics that put an organization at a disadvantage
- Examples:
- High employee turnover
- Outdated technology
- Limited financial resources
- Poor supply chain management
- Weaknesses are internal and can be controlled by the organization
Opportunities
- External factors that an organization can leverage to its advantage
- Examples:
- Growing market demand
- Emerging technologies
- Partnerships and collaborations
- Expanding into new markets
- Opportunities are external and cannot be controlled by the organization, but can be influenced
Threats
- External factors that can negatively impact an organization
- Examples:
- Market competition
- Economic downturns
- Regulatory changes
- Natural disasters
- Threats are external and cannot be controlled by the organization
Applications of SWOT Analysis
- Strategic planning and decision-making
- Identifying areas for improvement
- Developing marketing strategies
- Conducting competitor analysis
- Evaluating business opportunities and risks
SWOT Analysis
What is SWOT Analysis?
- A strategic planning technique used to identify and evaluate an organization's, project's, or individual's Strengths, Weaknesses, Opportunities, and Threats.
Strengths
- Internal characteristics that give an organization an advantage over others.
- Examples of strengths:
- Skilled workforce
- Strong brand recognition
- Patented technology
- High-quality products/services
- Strengths are internal and can be controlled by the organization.
Weaknesses
- Internal characteristics that put an organization at a disadvantage.
- Examples of weaknesses:
- High employee turnover
- Outdated technology
- Limited financial resources
- Poor supply chain management
- Weaknesses are internal and can be controlled by the organization.
Opportunities
- External factors that an organization can leverage to its advantage.
- Examples of opportunities:
- Growing market demand
- Emerging technologies
- Partnerships and collaborations
- Expanding into new markets
- Opportunities are external and cannot be controlled by the organization, but can be influenced.
Threats
- External factors that can negatively impact an organization.
- Examples of threats:
- Market competition
- Economic downturns
- Regulatory changes
- Natural disasters
- Threats are external and cannot be controlled by the organization.
Applications of SWOT Analysis
- Used in strategic planning and decision-making
- Identifying areas for improvement
- Developing marketing strategies
- Conducting competitor analysis
- Evaluating business opportunities and risks
Action Plan for SWOT Analysis
- Identify points that MUST be addressed immediately
- Identify points that can be handled now
- Identify points that should be researched further
- Identify points that should be planned for the future
Benefits of SWOT Analysis
- Knowing the competition and reviewing competitors to configure strategies
- Provides a well-rounded decision-making tool with accurate forecasts
- Helps in setting objectives for strategic planning
- Provides a framework for identifying and analyzing strengths, weaknesses, opportunities, and threats
- Provides an impetus to analyze a situation and develop suitable strategies and tactics
- Basis for assessing core capabilities and competencies
- Evidence for, and cultural key to, change
- Provides a stimulus to participation in a group experience
Pitfalls of SWOT Analysis
- Can be very subjective, and two people rarely come up with the same final version of a SWOT
- Helps decision makers share and compare ideas
- Brings a clearer common purpose and understanding of factors for success
Importance of SWOT Analysis
- To organize important factors linked to success and failure in the business world
- To analyze issues that have led to failure in the past
- To provide linearity to the decision-making process, allowing complex ideas to be presented systematically
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Description
A strategic planning technique to identify and evaluate the Strengths, Weaknesses, Opportunities, and Threats of an organization, project, or individual.
