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3.7.1 (SWOT Analysis (Examples of Strength (Internal) (Experienced…
3.7.1
SWOT Analysis
Why do SWOT?
To help the business set objectives (a planning tool)
Assesses for potential risk and rewards
To identify the strategies that will help achieve these objectives
To observe positive and negative factors inside and outside the firm that affect the success
To predict the change in trends and help in the decision making process of the organisation
Consider effectiveness / success in the relation to the business environment
Evaluate and adjust strategies
Helps a company to operate in a competitive environment
Examples of Strength (Internal)
Experienced workforce
Loyal Customers
Examples of Weaknesses (internal)
High production costs
Poor location
Opportunities (external)
Competitor has gone bankrupt
Mission Statements
Strategic Decision Making