Stukent Marketing Certification Practice Test

What are the components of a SWOT analysis?

1. Strategies, Wealth, Objectives, Tactics

2. Strengths, Weaknesses, Objectives, Techniques

3. Strengths, Weaknesses, Opportunities, Threats

4. Systems, Workflows, Objectives, Tactics

The correct answer is: Strengths, Weaknesses, Opportunities, Threats

A SWOT analysis is a strategic planning tool used to identify and evaluate the internal strengths and weaknesses of an organization, as well as the external opportunities and threats it faces in its environment. The components include: - **Strengths**: These are the internal attributes and resources that support a successful outcome. It encompasses what the organization does well, including its competitive advantages and unique capabilities. - **Weaknesses**: These refer to the internal factors that may hinder the organization from achieving its objectives. Identifying weaknesses helps an organization understand where it may be vulnerable or lacking compared to its competitors. - **Opportunities**: This component focuses on the external conditions that the organization can capitalize on to enhance its performance or increase its market position. It involves assessing favorable trends, emerging markets, or socio-economic factors that can be leveraged. - **Threats**: These are external challenges that could cause trouble for the organization. Understanding potential threats is crucial for risk management and for developing strategies to mitigate or respond to them effectively. This comprehensive view of both internal and external factors is vital for effective strategy formulation and decision-making. The other choices provided do not accurately represent the established components of a SWOT analysis, missing key elements that are fundamental to strategic assessment and planning.