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All 20 Flashcards — What is a SWOT analysis?
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Question
What does SWOT stand for?
Answer
Strengths, Weaknesses, Opportunities, Threats — a framework for understanding the business's current position.
💡 Hint
S-W-O-T
Question
Give three examples of strengths
Answer
Strong brand, loyal customers, skilled staff, good finances, unique products.
💡 Hint
Brand, customers, staff, finance, products
Question
Two benefits of SWOT analysis?
Answer
Simple/easy to understand; encourages thinking about internal AND external factors; useful starting point; highlights improvement areas.
💡 Hint
Simple + comprehensive + starting point
Question
S+W = internal. O+T = ___
Answer
External — things happening outside the business.
💡 Hint
External
Question
Two limitations of SWOT analysis?
Answer
Subjective (people disagree); doesn't prioritise; static snapshot; doesn't tell you WHAT to do.
💡 Hint
Subjective + no priority + static
Question
Give three examples of weaknesses
Answer
Poor cash flow, outdated technology, weak brand, high staff turnover.
💡 Hint
Cash, tech, brand, turnover
Question
S+W are ___. O+T are ___
Answer
Internal (controllable by the business). External (outside — must respond to).
💡 Hint
Internal vs external
Question
SWOT is a useful ___ but is subjective and doesn't ___
Answer
Starting point; prioritise factors.
💡 Hint
Starting point + no priority
Question
Why is SWOT 'subjective'?
Answer
Different people may disagree on what counts as a strength or weakness — it depends on perspective.
💡 Hint
People disagree
Question
Quick: Strengths are internal ___; threats are external ___
Answer
Advantages; dangers.
💡 Hint
Advantages vs dangers
Question
Give three examples of opportunities
Answer
Growing market, new technology, competitor weakness, government incentives.
💡 Hint
Growth, tech, rival weakness, incentives
Question
SWOT is like a ___ for the business
Answer
Health check — identifying what's working, what's not, and what's coming.
💡 Hint
Health check
Question
Give three examples of threats
Answer
New competitors, economic downturn, changing laws, rising costs.
💡 Hint
Rivals, recession, laws, costs
Question
SWOT doesn't tell you ___
Answer
What to DO — it only identifies the situation. You need other tools for action planning.
💡 Hint
No action plan
Question
SWOT shows a ___, not a dynamic picture
Answer
Snapshot — static at one point in time.
💡 Hint
Snapshot
Question
Strengths and weaknesses can be ___; opportunities and threats must be ___
Answer
Changed (internal control); responded to (external, can't control).
💡 Hint
Change vs respond
Question
Quick: SWOT is best used WITH other tools like ___
Answer
STEEPLE, Ansoff, BCG.
💡 Hint
STEEPLE + Ansoff + BCG
Question
SWOT is often used alongside ___
Answer
STEEPLE, Ansoff matrix and BCG matrix for a more complete analysis.
💡 Hint
STEEPLE + Ansoff + BCG
Question
SWOT helps a business understand its ___ and plan for ___
Answer
Current position; the future.
💡 Hint
Position + future
Question
Strengths = internal ___. Opportunities = external ___
Answer
Advantages (competitive edge). Favourable factors (could help grow).
💡 Hint
Advantages vs favourable factors
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SWOT analysis
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