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BMT - Coggle Diagram

- - - - developing and selling new products in existing markets
    - - selling existing products in new markets
    - - selling entirely new products in entirely new markets
    - - a growth strategy focused on selling existing products to an existing market
- - - - external factors beyond its control that a business could take advantage of to give itself a competitive advantage
    - - external factors beyond its control that the business must react to otherwise they could find themselves as a competitive disadvantage
    - - internal factors within its control that the business needs to resolve
    - - Allows businesses to analyse their current position, and find aspects that they need to either take advantage of or address to be successful long term
      - Allows businesses to plan strategically what the best approach and strategy to improving aspects of it might be
    - - internal factors within its control that the business has that they can use to their advantage
    - - 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 cos
      - Can become outdated very quickly - by the time the business has identified a potential strategy, the external landscape may have changed