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Business BMT Mindmap, Screenshot 2025-10-31 at 11.46.50 AM, Screenshot…
Business BMT Mindmap
SWOT
SWOT Analysis is a business tool that allows us to analyze the current position of the business according to four specific factors
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Opportunities - External factors beyond its control that the business could take advantage of to give itself a competitive advantage
Strengths - Internal Factors within its control that the business has that they can use to their advantage
Threats - External factors beyond its control that the business must react to otherwise they could find themselves as a competitive disadvantage.
The aim of SWOT analysis is to analyse the current position of a business, so that they can then determine their future strategic direction.
Benefits:
Allows businesses to analyze their current position, and find aspects that they need to either take advantage of or adress to be successful long term.
Allows businesses to plan strategically what the best approach and strategy to improving aspects of it might be.
Weaknesses:
Time consumption - Creating a SWOT analysis from scratch is hugely time consuming, and can represent an opportunity cost both in terms of time and financial cost.
Can become outdated very quickly - by the time the business has identified a potential strategy, the external landscape may have changed.
Boston Matrix
The Boston Matrix is a way of analysing a portfolio according to two factors: Market share and Market growth.
Cash Cows ("Milking"): Here, as cows have high market share, but are in low growth markets, businesses will reduce spending to maximise profit.
The idea is that this money will then be used to fund further investment in stars and possibly problem childs / question marks.
Problem Child / Question Mark: Can be either investment or divestment, as these have low market share in high growth markets.
They are usually the hardest products to determine what to do. If successful, could become stars, however money could also be wasted.
Stars (continued investment): Stars are products that have high market share and are in high growth markets.
They therefore have huge potential, however a business must continue to invest in them to ensure that they remain where they are.
Dogs: Low market share, Low market growth
Businesses here will either get rid of them, or may keep them if they provide a small amount of profit.
Depending on where a product falls, it will influence the approach to how a business chooses to market its products.
The Boston Matrix is a way of analysing a portfolio according to two factors: Market share and Market growth.
Ansoff Matrix
The ansoff matrix is a way of considering the different potential growht strategies that a business may use to expand. It considers two different factors that may be examined in terms of how they might grow
Product development
Selling new products within the organisation's existing market, to existing customers
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Decision Trees
Decision trees are decision-making tools that allow businesses to assess different potential options in a quantitative way. It weighs up potential perceived financial outcome and factors associated with risk.
Benefits: Allows businesses to weigh up not only the potential outcomes of a decision but the risk as well. Easy to construct and understand, allows for visual representation of what could otherwise be a complex process.
Drawback: Based on estimations, difficult for businesses to know for certain the outcomes nad risk of particular decision. Reliant on quality of initial information. Does not take into account qualitative factors, there may be additional non financial factors that would also need to be taken into account.
Business Plan
The main value of business plans is to help potential entrepreneurs and new business owners identify the potential issues they might face before they set about putting their ideas into action.
Name of business
Main product
Who are your potential customers?
Will you run your business on your own or with others?
Where would the finance to start your business coming from?
Who would be your main competition?
How and where would you promote your product?
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