Application should include review of definition (a study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats) and examination of a business’s
- internal strengths—entrepreneurial ability and contacts
- internal weaknesses—results of lack of money, training, time, experience
- external opportunity—luck, creative advantages to get ahead of competition
- external threats—anything that might be bad for business (e.g., competitors, legal problems).
Process/Skill Questions:
- What are the benefits of performing a SWOT analysis?
- What are potential crises that threaten a business?
- What resources are available to assist in crisis resolution?
- Why would it be helpful to perform a SWOT analysis of one's competitors?
- Why is the SWOT analysis an important part of the marketing plan?
- How can a SWOT analysis be used to strengthen a business idea?
- How can a SWOT analysis be used to improve a product/service?
- How can an entrepreneur use a SWOT analysis to gain market share from a competitor?
- How can an entrepreneur use a SWOT analysis to determine growth areas for a new business venture?
- Why is it important to identify risks and include them in the business plan?