SWOT Analysis for Mr. Sherpinsky's Honors Marketing Class

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What does SWOT stand for?

Strengths, Weaknesses, Opportunities, Threats (correct)

Strengths, Weaknesses, Opportunities, Tactics

Skills, Weaknesses, Opportunities, Threats

Strategies, Weaknesses, Opportunities, Threats

Where is the technique of SWOT analysis credited to have originated from?

Harvard University

University of California

Yale University

Stanford University (correct)

What is the primary purpose of a SWOT analysis?

To predict the future of a company

To identify the competitors of a business

To create a marketing strategy

To understand the Strengths, Weaknesses, Opportunities, and Threats involved in a project or business (correct)

What are the 'Strengths' in a SWOT analysis?

Positive tangible and intangible attributes, internal to an organization Signup and view all the answers

What is the main benefit of using a SWOT analysis?

To move from everyday problems to a fresh perspective Signup and view all the answers

What is a SWOT analysis used for?

As a tool for understanding the internal and external environment of a project or business Signup and view all the answers

What are abundant financial resources an example of?

Strengths Signup and view all the answers

What happens when an organization takes advantage of external attractive factors?

The organization takes advantage of opportunities Signup and view all the answers

Why should organizations recognize opportunities?

To become more profitable Signup and view all the answers

What do changing customer needs or tastes represent?

An opportunity for the organization Signup and view all the answers

What do economies of scale, lower costs, and better marketing skills have in common?

They are all strengths Signup and view all the answers

What do characteristics that place a firm at a disadvantage relative to others represent?

Weaknesses Signup and view all the answers

What is a limitation of the data used in a SWOT analysis?

It is based on assumptions that may prove to be unfounded Signup and view all the answers

What is the aim of a SWOT analysis?

To identify the strengths, weaknesses, opportunities, and threats of an institution Signup and view all the answers

What is the first step in conducting a SWOT analysis brainstorming exercise?

Asking questions about the external environment and the institution's strengths and weaknesses Signup and view all the answers

How many distinctive competencies and debilitating weaknesses should be identified at the end of the brainstorming exercise?

Five Signup and view all the answers

What is the purpose of prioritizing the list of threats and opportunities?

To reduce the list to the five most critically important of each Signup and view all the answers

What is the output of the brainstorming exercise in SWOT analysis?

A prioritized list Signup and view all the answers

What is the recommended approach to prioritizing the results of a SWOT analysis?

Ranking them from most significant to least significant Signup and view all the answers

Who should be involved in providing input for a SWOT analysis?

A diverse group of stakeholders, including employees, customers, and partners Signup and view all the answers

How can a SWOT analysis be applied to a specific issue?

By conducting a SWOT analysis focused on the specific issue or goal Signup and view all the answers

What is a potential benefit of conducting separate SWOT analyses on individual issues?

It enables the combination of results to provide a comprehensive analysis Signup and view all the answers

What is the value of considering multiple perspectives in a SWOT analysis?

It provides a more comprehensive understanding of the business Signup and view all the answers

What is a key characteristic that distinguishes weaknesses from threats?

Weaknesses are controllable, while threats are not Signup and view all the answers

What is the primary impact of threats on an organization?

They place the organization's mission or operation at risk Signup and view all the answers

Which of the following is an example of a weakness?

Limited financial resources Signup and view all the answers

What is the primary goal of conducting a SWOT analysis?

To identify an organization's strengths, weaknesses, opportunities, and threats Signup and view all the answers

Which of the following is an example of a threat?

Entry of foreign competitors Signup and view all the answers

What is the relationship between weaknesses and threats?

Threats compound the vulnerability of weaknesses Signup and view all the answers