lesson 10 - swot analysis

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19 Terms

1

swot analysis

technique that enables organizations or individual to move from everyday problems and traditional strategies to a fresh prospective

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2

swot analysis framework

very important and useful tool to use in marketng management and othe business application

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3

strengths

characterisics of the business that give an advantage over others in the industry

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4

weaknesses

factors that do not meet the standards we feel we should meet

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5

opportunities

arise when an organization can take benefit of condition of its environment

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6

threats

arise when conditions in external environment jeopardize the reliability and profitability of the organization’s business

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7

job holder
business unit
company

who needs swot analysis?

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8

howard gardener, frames of mind

“those with keen understanding of their strengths and needs are in much better position than those with limited or faulty self-knowledge”

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9

personal swot analysis

combination of self assessment tool and strategic planning activity

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10

SO strategies

Leverage. use firm’s internal strengths to take advantage of external opportunities.

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11

WO strategies

constraints. aimed at improving internal weaknesses by taking advantage of external opportunities

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12

ST strategies

vulnerabilities. use firm’s strengths to avoid or reduce the impact of external threats

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13

WT strategies

problems. are defensive tactics directed at reducing internal weaknesses and avoiding external threats

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14

establish the objectives

purpose of conducting SWOT may be wide/narrow, general/specific

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15

select contributors

expert opinion may be required for SWOT

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16

allocate research and information gathering tasks

background preparation can be carried out in two stages: explanatory and detailed

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17

create a workshop environment

encourage an atmosphere conducive to the free flow of information

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18

evaluate listed ideas againts objectives

with the list compiled, sort and group facts and ideas in relation to the objectives

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19

carry your findings forward

make sure that the swot analysis is used in subsequent planning. revisit your findings at suitable time intervals

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