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What is meant by the term SWOT analysis? Conduct a SWOT analysis on a business of your choice - Leaving Cert Business - Question A - 2010
Question A
What is meant by the term SWOT analysis? Conduct a SWOT analysis on a business of your choice. (Include two points under each heading)
Worked Solution & Example Answer:What is meant by the term SWOT analysis? Conduct a SWOT analysis on a business of your choice - Leaving Cert Business - Question A - 2010
Step 1
What is meant by the term SWOT analysis?
Answer
SWOT analysis is a strategic planning tool used to evaluate the internal and external factors impacting an organization. It involves identifying Strengths, Weaknesses, Opportunities, and Threats, which helps businesses capitalize on their strengths and opportunities while addressing weaknesses and mitigating threats. This method enables decision-makers to gain insights into the business environment and make informed choices for strategic planning.
Step 2
Conduct a SWOT analysis on a business of your choice.
Answer
Business Choice: Ryanair
Strengths:
- Brand name: Ryanair has developed a very well-recognized brand name over its years in the market.
- Website efficiency: The efficient booking system at www.ryanair.com reduces the cost of bookings.
Weaknesses:
- Customer dissatisfaction: Distance from some regional airports can cause inconvenience for customers.
- Negative press: The airline has been prone to bad press affecting its public image.
Opportunities:
- EU enlargement: Expansion of routes across the EU presents new opportunities for growth.
- Market competition: Competing airlines often adjust pricing strategies, providing an opportunity for Ryanair to attract customers.
Threats:
- High operational costs: Increased operational costs could impact profitability.
- Regulatory challenges: New regulations related to travel restrictions and taxes could threaten profit margins.