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https://www.youtube.com/watch?v=4dKliWrCywM

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http://www.businessballs.com/swotanalysisfreetemplate.htm

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- Other tools like PEST analysis must be used to ensure that all factors must be analysed fully.
- Points are very generalized and lack solutions.
- Finance is not factored in.

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- Forces the business to look at all internal and external factors that affect the business.
- Weaknesses and threats can be acted upon.

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SWOT Analysis is a useful technique for understanding your Strengths and Weaknesses, and for identifying both the Opportunities open to you and the Threats you face.

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This shows the external threats to the business. A business can use this to combat these threats and root them out before they impact the business. How strong is competition in the market? Are there substitute goods? Is the product going out of fashion?

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This shows what the business could do to improve. These are OUTSIDE factors that the business could take advantage of. Is there a gap in the market? Where could we expand? Any new trends?

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This factors in what the business is not particularly good at and needs to improve to become better. This could be access to customers or skill of workers for example. What is limiting profits? What should we avoid?

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This takes into account the personal strengths of the business and allows the business to see what they are good at and don't need to improve. The business will ask what advantages do they have? What gets the profits? What do customers find appealing?

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Depending on the amount, quality and strength of competitors in the market, rivalry can be high or low. If rivalry is too high, there may not be a demand for the product so sales could be too low.

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- Does not factor in all of the costs to operate (wages, technology) in that market which is a large component to the competitiveness of a business.
- Markets change (loss of competitors, recession, loss in demand) so framework always change.

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- Analyses the competition and market power to a business can see if the market is worth entering.
- Factors in all the factors that change the five forces.

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https://www.mindtools.com/pages/article/newTMC_08.htm

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This analyses the cost of suppliers and their ability to increase costs in the market. The more they can increase, the more power full the suppliers are. A market with lots of suppliers has little power due to competition but one with few gives large amount of power as their products are highly demanded.

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If a substitute good or service is easily made in place of what you provide, there is high threat and your business loses power as less people will buy and use your services/products.

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This looks into how easily consumers can change the price of the product. Normally, if you have a small amount of customers, they have great power as the business needs the sales and customer loyalty.

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If the market is easy and cheap to enter, threat is high as many businesses can enter the market so competition increases. However if there are high barriers to entry and a very expensive market, less businesses will operate inside it so threat and competition is normally low.

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The five forces framework analyses the competition in a market and the competitive position a business has in that market. It helps business owners identify how strong their position will be in the market. Businesses can use this to see if it is worth going into a new market to see the state of the market they are currently in.

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Affecting factors:

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http://www.askwillonline.com/2012/01/understanding-ansoff-matrix.html

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- Other types of analysis to find the strength and weakness of each strategy.
-  R&D costs are high for these strategies.

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- Helps managers to choose the best possible strategy for the business.
- Shows the risk of each strategy so risks can be reduced if possible.

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This matrix can be used to help a business to see what kind of development would be best for the business and which type would provide the most and least risk and greatest potential profit. Each business may require a different strategy for growth. For example, a business with a saturated market may try market development and diversification.

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ANSOFF'S MATRIX

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NEW products and developed for NEW markets. This allows businesses to become less reliant on existing markets and products and spreads risk over different markets.
E.g. Virgin into financial services and air buses.

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Involved marketing EXISTING products in NEW markets. E.g. Halifax extending branches in Spanish markets.

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Marketing NEW or MODIFIED products in an EXISTING markets. Examples of this would be Ford with the Ford Escort and Cadbury.

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Refers to the the strategy in which the business focuses on selling EXISTING products into EXISTING markets.

This can be done by:
- Increasing brand loyalty.
- Promote regular purchasing.
- Encouraging increased purchasing of product.

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Diagram shows 4 possible strategies to achieve growth

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Igor Ansoff was a Russian mathematician who applied his work to the world of business. His most famous work is the Ansoff Matrix. The purpose of this matrix is to help managers consider how to grow their business through existing or new products or in existing or new markets.