Business wk 3 business functions/ swot analysis

What is the main responsibility of the Finance function?

Responsible for the financial resources, financial position, and performance of a business.

List three main activities of the Finance function.

• Allocating and monitoring financial resources

• Investment control and evaluation

• Accounting information systems

• Communication

• Finance-related legislation and regulations

What is the main responsibility of the Human Resources (HR) function?

Responsible for all aspects of managing the people in a business.

List three main activities of the Human Resources (HR) function.

• Management of employees

• Recruitment and induction of employees

• Training and appraisal of employees

• Communication

• Employment-related legislation and regulation

What is the main goal of the Marketing function?

Understanding the needs and wants of consumers.

List three main activities of the Marketing function.

• Research markets

• Product development

• Promotional aspects

• Pricing strategies

• Distribution

• Monitoring consumers and competition

What is the core process of the Operations function?

The transforming process that turns inputs (material, people) into finished goods or services

List three main activities of the Operations function

• Managing production facilities (layout, location, capacity)

• Production scheduling

• Project management

• Quality control

What is the textbook definition of a SWOT analysi

A SWOT is an analytical tool used by a business for strategic planning. It identifies the strengths, weaknesses, opportunities, and threats in a graphical format to help a business focus on its internal and external environment.

What are the four key areas a SWOT analysis looks at?

Strengths, Weaknesses, Opportunities, and Threats.

What is the main difference between Strengths/Weaknesses and Opportunities/Threats?

Strengths and Weaknesses are internal aspects of the business (controllable), while Opportunities and Threats are external aspects of the business (uncontrollable).

What are "Strengths" in a SWOT analysis?

Strengths are the internal areas of a business that are performing well. A business should aim to build on these.

What are "Weaknesses" in a SWOT analysis?

Weaknesses are the internal areas of the business that need improving. A business should aim to resolve these.

List three internal business areas you could consider when identifying Strengths and Weaknesses.

• Management (expertise, systems)

• Operations (efficiency, processes)

• Finances (resources, performance)

• Marketing (sales, promotion)

• Products (quality, features)

• People (customer service, employees)

What is the general goal when identifying a business's Strengths and Weaknesses?

To paint a realistic and accurate picture of where the business currently stands.

What are "Opportunities" in a SWOT analysis?

Opportunities are areas of the external business environment that can contribute to the success or competitive edge of the business. A business should constantly explore these.

What are "Threats" in a SWOT analysis?

Threats are elements of the external business environment that can negatively impact the business's performance. A business should aim to avoid or mitigate these.

Why are Opportunities and Threats often difficult for a business to manage?

Because they are external factors, making them easy to identify but difficult to mitigate due to the business's inability to control them

List three external factors you could consider when identifying Opportunities and Threats.

• The Industry (growth patterns, new niches)

• The Marketplace (changing customer needs, economic factors)

• Competition (aggressive marketing, market share changes)

• Technology (new cost-saving devices, substitute products)