SWOT Analysis Fundamentals: Identifying Internal and External Business Factors
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I. Complete the Chart Information
Complete the chart below with the missing information:
II. Key Concepts: Multiple Choice Questions
Select the correct alternative:
The Goal of a SWOT Analysis
The goal of a SWOT analysis is: To identify the key internal and external factors important to achieving the objective.
Examples of External Factors
External factors can include: Technological change and macroeconomic matters.
Definition of Strengths
Strengths are: Intrinsic value-creating skills or assets.
Definition of Threats
Threats are: External factors beyond the control of the organization.
III. True or False Statements on SWOT Analysis
Read the sentences and answer true (T) or false (F). If the sentence is false, provide the correct information:
SWOT Analysis Categories
(F): SWOT analysis groups the information into three main categories: internal factors, external factors, and positive factors.
Correction: SWOT analysis groups the information into two main categories: internal factors and external factors.
Starting the SWOT Process
(T): Defining a desired objective is the first step in a SWOT analysis.
Classification of Opportunities and Threats
(F): Opportunities and threats are internal factors.
Correction: Opportunities and threats are external factors.
Classification of Strengths
(T): Strengths are positive factors internal to an organization.
Importance of SWOT Identification in Planning
(F): Identification of SWOTs is not important in the process of planning for achievement of the objective.
Correction: Identification of SWOTs is important in the process of planning for achievement of the objective.
IV. Matching Key Strategic Definitions
Match the ideas to make complete sentences:
- SWOT analysis is: a strategic method of planning.
- Internal factors are: the strengths and weaknesses that we can find inside an organization.
- External factors are: the threats and opportunities presented by the environment outside the organization.
- Opportunities are: external factors that are attractive for the company because they represent the reason to exist and develop.
- The Four P's are: product, price, place, and promotion.
V. Defining SWOT Analysis and Its Objectives
What is a SWOT analysis? What are its objectives? (Answer using core concepts)
Definition of SWOT Analysis
A SWOT analysis is a strategic planning method used to evaluate the strengths, weaknesses, opportunities, and threats involved in a project or in a business venture.
Objectives of SWOT Analysis
It identifies the internal and external factors that are favorable and unfavorable to achieve the objective.