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If a business wants to produce new products, they can perform a SWOT Analysis to find out if they can. A SWOT Analysis is a type of research that is broken down into the following categories:
- Strengths
- Weaknesses
- Opportunities
- Threats
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In this part of the analysis, the internal strengths of the business are researched. For example, labour, machinery, finance and technology.
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The internal weaknesses of the business are looked at. For example, a low level of finance, a lack of workers and unreliable machinery.
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Possible external opportunities are looked at. These are factors that the business has no control over, but could benefit them. For example, a rival business in the area is closing down.
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External factors are looked at that could damage the business. For example, another business opens nearby selling the same products as the business being researched.
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