Bus. Entr. Q1-F

It is a Marketing Tool used to analyze the outside influences on a potential product, project or service prior to launching it.

• SWOT Analysis
• Market Segmentation
• Competitor Analysis
• PESTLE Analysis

It is a strategic tool that a business can use to analyze its current position and the external factors that might affect it.

• SWOT analysis
• Porter's Five Forces
• BCG matrix
• PEST analysis

A key starting point for a SWOT is the __________ of the business.

• strength
• factor

• opportunity
• weakness

These are internal factors that the business has identified and could include, except

• patents or copyright

• Social factors

• Market trends
• high market share

Define patent or copyright

• A patent is a form of intellectual property that gives its owner the legal right to exclude others from making, using, selling, and importing an invention for a unlimited period of time, usually twenty years. A copyright, on the other hand, is a form of intellectual property that protects original works of authorship including literary, dramatic, musical, and artistic works, such as poetry, novels, movies, songs, computer software, and architecture.

• A patent is a form of intellectual property that gives its owner the legal right to exclude others from making, using, selling, and importing an invention for a limited period of time, usually twenty years. A copyright, on the other hand, is a form of intellectual property that protects original works of authorship including literary, dramatic, musical, and artistic works, such as poetry, novels, movies, songs, computer software, and architecture.
• A patent is a form of intellectual property that gives its owner the legal right to exclude others from making, using, buying, and importing an invention for a limited period of time, usually twenty years. A copyright, on the other hand, is a form of intellectual property that protects original works of authorship including literary, dramatic, musical, and artistic works, such as poetry, novels, movies, songs, computer software, and architecture.

• A patent is a form of intellectual property that gives its owner the legal right to exclude others from making, using, selling, and exporting an invention for a limited period of time, usually twenty years. A copyright, on the other hand, is a form of intellectual property that protects original works of authorship including literary, dramatic, musical, and artistic works, such as poetry, novels, movies, songs, computer software, and architecture.

Define high market share in business.

• Amount of profit generated by a business
• Percentage of total sales in a market that a company holds.
• Number of employees in a company
• The physical size of a company's headquarters

These are examples of weaknesses of a business, except

• poor cash flow

• low levels of debt

• quality issues

• poor reputation

Identify the areas where you do well, or advantages for your organization.

Define opportunities in an organization.

• Situations that always lead to negative outcomes
• Random events that have no impact on the organization
• Favorable circumstances or situations that can lead to positive outcomes, growth, or improvement.
• Unfavorable circumstances that hinder progress

This is an example, a new competitor enters the market and undercuts your prices.​

• Ignore the competitor and continue with current pricing
• File a lawsuit against the competitor for unfair competition
• Increase prices to match the competitor's undercutting
• Analyze the competitor's pricing strategy and make strategic adjustments to maintain competitiveness.