Unit 5: Business strategy - SWOT analysis

What does SWOT stand for?

• Strengths, Weaknesses, Opportunities, Tactics

• Strengths, Weaknesses, Objectives, Threats

• Strengths, Weaknesses, Options, Tactics

• Strengths, Weaknesses, Opportunities, Threats

Which elements of SWOT are considered internal?

• Strengths and Opportunities

• Weaknesses and Threats

• Strengths and Weaknesses

• Opportunities and Threats

What is an example of a weakness in a firm?

• Strong brand recognition

• Higher cost structure

• New technology

• Market expansion

What can opportunities in SWOT analysis be described as?

• Threats from competitors

• Internal weaknesses of the firm

• Core competencies of the firm

• Favorable factors in the external environment

What is a potential threat to a firm?

• Entry of a strong competitor

• Strong brand recognition

• Higher cost structure

• New product offerings

What is the purpose of a SWOT analysis?

• To identify only internal weaknesses

• To visualize strengths and weaknesses

• To eliminate all threats

• To focus solely on external opportunities

Which of the following is NOT a component of SWOT analysis?

• Strengths

• Weaknesses

• Resources

• Opportunities

What is essential for management to take advantage of opportunities?

• Reducing costs

• Ignoring external threats

• Recognizing opportunities and acting accordingly

• Focusing only on internal strengths