SWOT analysis
→ -:- the pattern of decisions in a company that determines and reveals its objectives,
purposes, or goals, produces the principal policies and plans for achieving those goals,
and defines the range of business the company is to pursue. Purpose: to understand
how internal con...
→ -:- the pattern of decisions in a company that determines and reveals its objectives,
purposes, or goals, produces the principal policies and plans for achieving those goals,
and defines the range of business the company is to pursue. Purpose: to understand
how internal conditions contribute to your organization's strengths and weaknesses and
how external conditions exist as opportunities and threats to your business model. The
goal of a SWOT is not just to develop a laundry list of data but to be able to cull
down and pinpoint the most significant, pressing, strategically important internal and
external conditions facing your business.
Opportunities
→ -:- summarizes favorable trends and developments in the external environment which
may lead to higher sales or profits or which may open doors to new business
opportunities. While the firm can't always affect these externalities, it can take
advantage of them to move the business forward
Threats
→ -:- summarizes unfavorable trends and developments in the external environment
which threaten sales or profit or preclude the firm from pursuing new business
opportunities. While the firm can't always affect these externalities, it can change
strategies to avoid the negative effects of them
Strengths
→ -:- describe the unique resources or circumstances that can be used to take advantage
of opportunities. Strengths are core competencies and company capabilities that are
superior to the competition
Weaknesses
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, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/2025
→ -:- core competencies and company capabilities that are inferior to the competition.
Firms should strive to improve their capabilities in areas that are important to and
valuable to their customers and in areas in which they face a significant disadvantage
to their competition.
Economics
→ -:- the study of the production, distribution, and consumption of goods and services.
Resources may include: land, labor, capital, entrepreneurs, and knowledge
Economic System
→ -:- The means by which countries and governments distribute resources and trade
goods and services.
Perfect competition
→ -:- Many consumers and sellers, standardized products, no one is big enough to
influence price and everyone accepts the going price.
Monopolistic Competition
→ -:- Many sellers sell differentiated products and have limited control over pricing.
Oligopoly
→ -:- Several powerful players in the market with barriers to entry. They have more
control over price, yet must keep their competitors in mind.
Monopoly
→ -:- Single seller in the market, controls price.
Natural Monopoly
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