SWOT Analysis and Business Concepts

These flashcards cover essential concepts related to SWOT analysis, TOWS matrix, market segmentation, consumer empathy, and business model components.

SWOT Analysis

A strategic planning tool that evaluates the Strengths, Weaknesses, Opportunities, and Threats associated with an entity.

Strengths

Internal attributes and resources that support a successful outcome.

Weaknesses

Internal attributes and resources that work against a successful outcome.

Opportunities

External factors that the entity could leverage to its advantage.

Threats

External factors that could jeopardize the entity's success.

TOWS Matrix

A variation of SWOT analysis that focuses more explicitly on developing strategic options by matching external opportunities and threats with internal strengths and weaknesses.

Value Propositions

The products and services that create value for specific customer segments.

Customer Segments

The different groups of people or organizations a business aims to reach and serve.

Consumer Segmentation

The process of dividing a broad consumer market into sub-groups based on shared characteristics.

Demographic Segmentation

Dividing the market based on variables such as age, gender, income, education, etc.

Psychographic Segmentation

Dividing the market based on lifestyle, social class, personality traits, and values.

Behavioral Segmentation

Dividing the market based on consumer knowledge, attitudes, and responses to a product.

Target Market

The specific group of consumers that a business aims to reach with its marketing efforts.

Empathy Map

A visual framework that organizes qualitative and observational data about customers into key dimensions to help understand customer needs.

Key Resources

The most important assets required to make a business model work, including physical, intellectual, human, and financial resources.

Key Activities

The most important actions a company must take to operate its business model successfully.

Cost Structure

All costs incurred to operate a business model, including fixed and variable costs.