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New product analysis Excellent. I like decisive people. Very soon, you will make an even more important decision – one which could change the future of Widgets. Before we get to that, let’s learn a way of making business decisions called a SWOT analysis.
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SWOT analysis From Widgepedia, the Widgets Inc. encyclopedia
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A SWOT analysis is commonly used to organize the good and the bad points of a project or business plan. It is a tool for making a good business decision. The letters in "SWOT" mean:
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• • • •
Strengths Weaknesses Opportunities Threats
The first two, Strengths and Weaknesses, are internal forces. That is, they are the good points and the bad points of the business or the product being judged.
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The last two, Opportunities and Threats, are external forces. That is, they are characteristics of the world outside the business or the product.
A Think back to the Guilt Jar on page 20. Mark "S", "W", "O", and "T" on each of the following characteristics:
1. It looks like it could break easily. 2. Few people bake cookies anymore. 3. It is cheap and easy to produce. 4. A recent movie made the idea popular.
B Check your answers with your team members.
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