Theory on SWOT For Lesson 6
A SWOT analysis is used to look at a Business current position. It looks at both internal factors (from in the business) and external factors (outside the business). It’s a planning tool to help with future decisions. SWOT Analysis
Strengths Weaknesses Opportunities Threats SWOT (acronym for)
Strengths (Internal Factor) What has the business been good at in the past Strengths (Internal Factor)
Weaknesses (Internal Factor) What has the business been bad at Weaknesses (Internal Factor)
Strengths (Internal Factor) Opportunities What has the business could do well at. Factors outside the business that could help Strengths (Internal Factor)
Strengths (Internal Factor) Threats Problems the business may face or could harm the business Strengths (Internal Factor)
SWOT = areas to be looked at Strengths: A basic list of possible strengths that the company does well e.g. Brand name Location People Customer Service Competition Advertising Weaknesses: A basic list of possible weaknesses that may prevent the company from achieving goals e.g. Standards Culture Training Opportunities: What overall opportunities can the company improve upon e.g. Specific Markets Local Marketing Database Website Threats: Threat represent things which are external and beyond the control of the company: Direct competition Indirect competition Technology Economic climate SWOT = areas to be looked at
http://www.youtube.com/watch?v=AXVhTBTsZVY Video on SWOT
Example SWOT analysis for Disney http://www.strategicmanagementinsight.com/swot-analyses/walt-disney-swot-analysis.html