3.1.3 SWOT analysis & 3.1.4 Impact of external influences GapFill

A SWOT analysis is a strategic planning tool which is designed to help business decision-making. It is a snapshot in time of a business and will help during a   insightbrainstorming innovating inventing meeting to see what the business needs to focus on next.

STRENGTHS 

Strengths are  internal external inner inward to a business and will depend on the nature of the products and services offered and the   combative competitiveness industry challenging  of the market. The strengths of most businesses are in their resource management, their assets, the skills of their staff and the strength of their branding. Other businesses may be able to demonstrate an ethical supply chain or first-mover advantage into a new market. 

WEAKNESSES

Weaknesses are also internal to a business and will often be well-known issues. In some companies it may be limitations of their   supply asset resources support or low profit margins, limited access to finance that are the weak points. In some businesses   planning meeting cycles seasonality  can be a huge factor and a planning meeting may help to deal with this, e.g. a Christmas decorations company may make Easter and Halloween decorations to spread production and sales out over the whole year.

OPPORTUNITIES

Opportunities are external to the business and show factors that can be used to the advantage of the business. For example the opening up of some economies to   profit international finance internal  trade is a huge opportunity for a business that exports. For some tech companies new product development is the way to gain market share. For others social media and  e-commerce websites Facebook computer  offer advantages and can help a business to continue to trade in difficult economic times. For some companies it may be mergers and joint ventures that offer the most scope to improve and expand. 

THREATS

Threats are also external to the business, and information about these areas will help the business to navigate through trading difficulties and keep up with trends in  dynamic aggressive graceful kinetic  markets. The main threat would be from the action of competitors or new entrants into the market, which will erode market share.  Changing customer tastes and  saturated charged wet drizzly markets may also prove a challenge. Online negative press or reviews or problems on social media can go viral very quickly, potentially damaging the   front online profit reputation  of a business. Lastly, a business also needs to worry about viruses, hacking and cybercrime and put robust systems in place so customers can trust that they will get the goods they have ordered.