SWOT
What does SWOT stand for?
Strengths, Weaknesses, Opportunities and Threats
If going bankrupt is not a risk what is it?
An outcome/result of a risk.
How could this solution have multiple steps to it?
Sam should just hire better staff?
Sam should train staff
Sam should offer incentive to motivate staff to do better
What is a competitor?
A business selling similar goods/services to the same consumers.
What is the fastest land animal?
A Cheetah
what type of risk is this: Limited online presence.
Market risk
True or False: Bad reputation is a legal risk?
False it is a Market risk
Why should solutions consider financial stability?
To avoid overspending and stay competitive/operating in the future.
Why is it important to research competitors before setting prices?
To ensure your business is competitive and still profitable.
What does WWW stand for in a website browser?
world wide web
What are the four types of risk and give an example of a risk for each category?
Operational --> Untrained staff
Market --> Bad reputation
Financial --> Debt
Legal/Regulatory --> Getting fined by ACCC
Give me two market risks that Sam could face in the Cleaning industry?
Which is the better solution:
A) “Sam should rethink his pricing”
B) “Sam should review competitor prices and offer bundle deals to attract
B
Why are competitors considered a threat in a SWOT
The business has no control over them.
I have keys but no locks, space but no room. You can enter, but you can’t go outside. What am I?
A Keyboard
What part of the SWOT should you look to turn your weaknesses or threats into Strengths? Give two examples of it.
Opportunities - Upgrading a confusing website
Starting small what would the impact of 'low quality service' for Sam look like?
A solution to low cash flow must improve income AND reduce spending. Give an example.
Offering seasonal packages (increase income) and renegotiating supplier contracts (reduce spending)?
Sam notices his competitors are all online. What are two risks if he stays offline, and one opportunity?
losing customers, reduced visibility, and an opportunity to build a better online booking system?
You see a boat filled with people. It hasn’t sunk, but when you look again, you don’t see a single person on board. Why?