Srep 5
In this step you summarise steps 1 - 4 by analysing all the factors that affect your business.
This step consists of summaring this information in a SWOT analysis.
SWOT is an acronym for Strenghts (business), Weakneses (business), Opportunities (market) and Threats (market).
Strenghts might be product superiority, size of business and capital strenth, efficiency of business processes.
Weakneses might include defficiencies in business processes, lack of resources, both financial and human.
Opportunities might include new target markets, new product offerings and new promotional offerings.
Threats may come from legislation, economic and political issues, competition from competitors, changing market needs etc.
Comments