material SWOT analysis business education.pptx

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1. Determine the objective of your SWOT analysis Preparation for a revised business strategy Introducing a new product or service Anticipating entering a new market Changing a fundamental production processes Award Project

2. SWOT Overview Award Project

3. Research your business, industry and market Do some research to understand your business, industry and market Get a range of perspectives -staff, business partners and clients Conduct market research to find out about your competitors Award Project

4. List your business's strengths Include strengths relating to: Employees Financial resources Technical advantages Physical location Cost advantages Other competitiveness factors Consider these ideas related to your business at this stage of the SWOT analysis Award Project

5. List your business's weaknesses Include weaknesses relating to: Absence of new products or clients, Staff absenteeism /low morale A lack of intellectual property Declining market share Distance to market Others? Any ideas and thoughts are encouraged at this stage of the SWOT analysis Award Project

6. List the potential opportunities for your business Opportunities could include : New technology Training programs New partnerships A diverse marketplace Change of government policy Others? These come from external sources but have the potential to benefit your business Award Project

7. List the potential threats to your business Threats could include : Rising unemployment Increasing competition Higher interest rates Uncertainty of global markets Changing government policy These come from external sources but have the potential to negatively impact your business Award Project

8. Establish priorities from the SWOT For each section of your SWOT analysis: What issues are the most important What can be dealt with later Award Project

9. Develop a strategy to address issues in the SWOT Review your 4 prioritised lists by asking: How can we use our strengths to take advantage of the opportunities identified? How can we use these strengths to overcome the threats identified? What do we need to do to overcome the identified weaknesses in order to take advantage of the opportunities? How will we minimise our weaknesses to overcome the identified threats Award Project