analysis of strengths, weaknesses, opportunities, and threats
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What is the value of SWOT analysis?
Low cost, straightforward. Considers both the external and internal environment. Assist managers to think in a structured. Especially good for a small business.
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What are the drawbacks of SWOT analysis?
Provides information, but not a solution. Doesn't analysis the importance of each element. The analysis can be subjective (not using reliable, relevant data) Poor data = weak analysis.
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What are some examples of corporate objectives? (Strategic)
Market position, innovation, financial resources, physical + Human Resources, productivity, social responsiblity, profits.
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Examples of internal factors that influence a businesses objectives?
Poor performance - decline in sales, loss of market share. New leader Business culture - particular set values, beliefs(may encourage employees ideas or not)
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Examples of external influences on business objectives?
The state of the economy, prices of global markets, technological changes, patterns of migration. (Affects the workforce available)
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What is short termism? + the disadvantages.
Excessive focus on short term profits (eg. Maximising profit at the end of the year) It stops managers thinking LT, and creating businesses that are internationally competitive.
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Other cards in this set
Card 2
Front
What is the value of SWOT analysis?
Back
Low cost, straightforward. Considers both the external and internal environment. Assist managers to think in a structured. Especially good for a small business.
Card 3
Front
What are the drawbacks of SWOT analysis?
Back
Card 4
Front
What are some examples of corporate objectives? (Strategic)
Back
Card 5
Front
Examples of internal factors that influence a businesses objectives?
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