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This is where SWOT analysis comes in, a tool that helps businesses understand their current position and plan strategically.
SWOT analysis
SWOT analysis is a strategic planning tool used to identify internal strengths and weaknesses and external opportunities and threats affecting an organization.
A strong brand, loyal customer base, efficient supply chain, or innovative products.
When identifying strengths, focus on what your business does better than competitors.
High production costs, outdated technology, poor customer service, or lack of expertise.
Market growth, technological advancements, changes in consumer preferences, or regulatory changes.
Increased competition, economic downturns, changing regulations, or supply chain disruptions.
Identify threats early to develop strategies that minimize their impact.
Here is the SWOT analysis for the predicted Paper 1 Case Study about Myt PLC for the upcoming May 2025 examination:
You can check the full study guide for the predicted case study and other materials via this link: https://www.revisiondojo.com/ib/ib-business-management/papers.
SWOT analysis helps businesses align their strategies with their strengths and opportunities while addressing weaknesses and threats.
A company with a strong brand and market growth opportunities might focus on expanding into new regions.
Businesses use SWOT analysis to evaluate options and choose the best course of action.
For instance, a company considering a new product launch can assess whether its strengths align with market opportunities.
SWOT analysis helps identify root causes of problems and develop targeted solutions.
If high costs are a weakness, the company might invest in more efficient technology.
