Business Analysis Concepts

Front

What does SWOT stand for?

Back

Strengths, Weaknesses, Opportunities, Threats.

Front

What is the purpose of a SWOT analysis?

Back

To assess the strengths, weaknesses, opportunities, and threats of a business.

Front

What are strengths in a SWOT analysis?

Back

Specific positive aspects that give a business an advantage over competitors.

Front

What are weaknesses in a SWOT analysis?

Back

Specific aspects that a business will not be good at.

Front

What are opportunities in a SWOT analysis?

Back

Ongoing potential developments that will benefit the business.

Front

What are threats in a SWOT analysis?

Back

Probable events that may negatively affect the business.

Front

What is the Product Life Cycle Concept?

Back

It describes a product’s sales, profits, customers, competitors, and marketing emphasis from its beginning until it is removed from the market.

Front

What is the first stage of the Product Life Cycle?

Back

Product Development.

Front

What is involved in Idea Generation?

Back

Brainstorming, analyzing existing products, visiting suppliers, surveys, and reading trade publications.

Front

What is the purpose of Idea Screening?

Back

To junk unsuitable ideas and rate ideas based on various characteristics.