SWOT analysis flashcards

What does SWOT stand for?

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.

Strengths in SWOT analysis

Strengths are internal attributes that help an organization succeed, like strong brand reputation or skilled workforce.

Weaknesses in SWOT analysis

Weaknesses are internal factors that hinder an organization, such as lack of resources or expertise.

Opportunities in SWOT analysis

Opportunities are external factors that the organization can capitalize on to grow, like market trends.

Threats in SWOT analysis

Threats are external challenges that could hinder the organization's performance, like competition.

True or false: SWOT is only for large companies.

False, because SWOT analysis can be useful for businesses of all sizes, including startups.

Difference between strengths and weaknesses

Strengths are positive internal factors, while weaknesses are negative internal factors affecting performance.

Fill in the blank: SWOT analysis helps in __________ decision making.

informed

How do strengths influence opportunities?

Leveraging strengths can help capitalize on opportunities effectively.

What is a key benefit of conducting a SWOT analysis?

It provides a comprehensive overview of internal and external factors impacting a business.

True or false: Opportunities are always external.

True, because opportunities arise from the external environment of the organization.

Example of a threat in SWOT analysis?

Increased competition in the market can be a significant threat.

What role do weaknesses play?

They highlight areas for improvement within the organization, guiding strategic planning.

What is the purpose of identifying threats?

To develop strategies to mitigate risks that could negatively affect the business.

Opportunities can arise from __________.

changing market conditions, technological advancements, and consumer preferences.

How can weaknesses be addressed?

By implementing training programs, seeking partnerships, or reallocating resources.

Comparison: SWOT vs. PEST analysis

SWOT focuses on internal and external factors, while PEST analyzes Political, Economic, Social, and Technological factors.

What is a common mistake in SWOT analysis?

Failing to prioritize or quantify the factors identified.

True or false: A business can have more opportunities than threats.

True, as a well-positioned business can identify numerous growth opportunities.

What should be done after completing a SWOT analysis?

Develop actionable strategies based on the findings to improve business performance.