Situational Analysis (HSC SSCE Business Studies): Flashcards
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Practise the cards
10 cards from this deck
Situational analysis purpose
Situational analysis purpose
Understanding business's current position & future direction
Two main tools in situational analysis
Two main tools in situational analysis
SWOT analysis and product life cycle
SWOT acronym meaning
SWOT acronym meaning
Strengths, Weaknesses, Opportunities, Threats
Internal factors in SWOT
Internal factors in SWOT
Elements within business's control (strengths & weaknesses)
External factors in SWOT
External factors in SWOT
Forces outside business's control (opportunities & threats)
Strengths in SWOT
Strengths in SWOT
Positive internal attributes giving competitive advantage
Opportunities in SWOT
Opportunities in SWOT
Favourable external conditions business could leverage
Four product life cycle stages
Four product life cycle stages
Introduction, growth, maturity, decline
Maturity stage characteristics
Maturity stage characteristics
Sales growth slows & plateaus; market becomes saturated
Causes of product decline
Causes of product decline
Changing trends, tech advances, competition, sustainability