Exploring SWOT Analysis

What does the acronym SWOT stand for?

• Strengths, Weaknesses, Opportunities, Threats

• Strategies, Workplans, Objectives, Techniques

• Systematic, Workflow, Optimization, Tactics

• Sectors, Workforce, Operations, Targets

Which two aspects of SWOT analysis are considered internal factors of a company?

• Opportunities and Threats

• Strengths and Opportunities

• Weaknesses and Threats

• Strengths and Weaknesses

What aspect of SWOT analysis is used to identify external factors that could benefit the company?

• Strengths

• Weaknesses

• Opportunities

• Threats

Which part of SWOT analysis focuses on external challenges that could harm the company?

• Strengths

• Weaknesses

• Opportunities

• Threats

Why is it important for a business to conduct a SWOT analysis?

• To create a business plan

• To understand its competitive position

• To set prices for its products

• To hire new employees

When performing a SWOT analysis, under which category would you place 'brand reputation'?

• Strength

• Weakness

• Opportunity

• Threat

In a SWOT analysis, which category would 'new market entrants' most likely fall under?

• Strength

• Weakness

• Opportunity

• Threat

How often should a business conduct a SWOT analysis?

• Once a year

• Every month

• Whenever there is a major change in the market

• Only when the business is started

Which of the following is NOT a typical reason for a business to perform a SWOT analysis?

• To identify areas for growth

• To assess the effectiveness of a marketing campaign

• To decide on employee benefits

• To plan for potential risks

What is the primary purpose of identifying weaknesses in a SWOT analysis?

• To eliminate them completely

• To use them to gain sympathy from customers

• To develop strategies to manage or overcome them

• To hide them from competitors