Entrepreneurship II: Objective 4.04 Vocabulary Quiz

Collecting information about the environment surrounding your business

• Environmental Scanning

• Strategic Planning

• SWOT Analysis

• Market Analysis

A favorable situation in the environment surrounding your business

• Weakness

• Opportunity

• Threat

• Strength

A marketing strategy that focuses on opportunities that are a good match with the business’s strengths

• W-T Strategy

• S-O Strategy

• S-T Strategy

• W-O Strategy

A marketing strategy that focuses on using a business’s strengths to overcome its threats

• S-T Strategy

• S-O Strategy

• W-O Strategy

• W-T Strategy

Long-range planning (three to five years) for the company as a whole

• Tactics

• Strategic Planning

• Environmental Scanning

• Goals

Any resource or capability your business has that can help you gain a competitive advantage in your industry

• Opportunity

• Strength

• Weakness

• Threat

A marketing tool that investigates a business’s strengths, weaknesses, opportunities, and threats in an organized fashion

• SWOT Analysis

• Market Analysis

• Environmental Scanning

• Strategic Planning

Table that displays the key issues in a SWOT analysis

• Market Analysis

• SWOT Matrix

• Environmental Scanning

• Spreadsheet

Any unfavorable situation in the environment surrounding your business

• Weakness

• Strength

• Threat

• Opportunity

A marketing strategy that focuses on overcoming a business’s weaknesses so that the business can pursue opportunities

• S-T Strategy

• S-O Strategy

• W-T Strategy

• W-O Strategy