BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Identifies internal and external factors that may affect the business future performance.
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Access a organisations performance
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Evaluates whether the business venture is a good idea.
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Gives the management team a broader view on the potential opportunity
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Detailed explanation-1: -A SWOT analysis helps you assess internal factors that might affect your business (strengths and weaknesses) and external factors (opportunities and threats). You will need to review and act on the results from the SWOT analysis.
Detailed explanation-2: -SWOT Analysis helps you to identify your organization’s Strengths, Weaknesses, Opportunities, and Threats. It guides you to build on what you do well, address what you’re lacking, seize new openings, and minimize risks. Apply a SWOT Analysis to assess your organization’s position before you decide on any new strategy.
Detailed explanation-3: -The internal factors are strengths and weaknesses; the external factors are opportunities and threats. A SWOT analysis gives an organization a clear picture of the “situation” in which it operates and helps it identify which strategies to pursue.
Detailed explanation-4: -SWOT analysis is one very effective tool for the analysis of environmental data and information – for both, internal (strengths, weakness) and external (opportunities, threats) factors. It helps to minimize the effect of weaknesses in your business, while maximizing your strengths.
Detailed explanation-5: -A SWOT analysis is designed to facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an organization, initiatives, or within its industry. The organization needs to keep the analysis accurate by avoiding pre-conceived beliefs or gray areas and instead focusing on real-life contexts.