INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is a potential weakness a manager might identify in a SWOT analysis?
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High-quality products
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Lack of management depth
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Competitors failing
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Low-cost foreign competition
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Explanation:
Detailed explanation-1: -SWOT stands for: Strength, Weakness, Opportunity, Threat. A SWOT analysis guides you to identify your organization’s strengths and weaknesses (S-W), as well as broader opportunities and threats (O-T). Developing a fuller awareness of the situation helps with both strategic planning and decision-making.
Detailed explanation-2: -According to Harvard Business Review, one drawback of a SWOT analysis is that it can oversimplify the type and extent of strengths, weaknesses, opportunities and threats facing the company. It also ignores some of the strengths and weaknesses of other companies that could affect your business.
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