SEM II obj 2.03: SWOT Analysis

What does SWOT stand for in SWOT analysis?

• Strengths, Weaknesses, Opportunities, and Threats

• Sales, Workforce, Operations, Technology

• Strengths, Weaknesses, Objectives, Tactics

• Success, Wealth, Opportunities, Triumph

Identify one strength that a business might have in a SWOT analysis.

• Strong brand recognition

• Outdated technology

• High employee turnover

• Low customer satisfaction

What is the purpose of conducting a SWOT analysis?

• To identify colors, shapes, and sizes

• To plan a vacation, buy a car, and start a business

• To learn a new language, play a musical instrument, and cook a new recipe

• To identify strengths, weaknesses, opportunities, and threats

Name one weakness that a business might identify in a SWOT analysis.

• Poor brand recognition

• Low employee turnover

• High customer satisfaction

• Strong supplier relationships

Explain how opportunities are identified in a SWOT analysis.

• By randomly selecting areas without any analysis

• By relying solely on historical data without considering current market conditions

• By examining external factors such as market trends, competitor actions, and potential for growth.

• By ignoring external factors and focusing only on internal strengths and weaknesses

How can a business mitigate its weaknesses identified in a SWOT analysis?

• Ignoring the weaknesses and focusing only on strengths

• Outsourcing the weaknesses to other businesses

• Developing strategies to improve or overcome the weaknesses

• Denying the existence of weaknesses

What are the key components of a SWOT analysis?

• Strengths, Weaknesses, Objectives, Threats

• Strengths, Weaknesses, Opportunities, and Threats

• Success, Weaknesses, Opportunities, Threats

• Strengths, Weaknesses, Opportunities, Trends

Provide an example of a threat that a business might face in a SWOT analysis.

• Increase in customer satisfaction

• Expansion into new markets

• New competitor entering the market

• Decrease in employee turnover

How can a business capitalize on its strengths identified in a SWOT analysis?

• By outsourcing them to other companies

• By downplaying them to avoid drawing attention from competitors

• By leveraging them to gain a competitive advantage

• By ignoring them and focusing on weaknesses instead

Explain the importance of conducting a SWOT analysis for a business.

• It helps in increasing employee satisfaction

• It is not necessary for business success

• It helps in strategic planning and decision-making.

• It is only useful for small businesses