Setting Simple Business Goals: Understanding SWOT Analysis for JSS 3 Students Business Studies JSS 3 First Term Lesson Notes Week 9
Setting Simple Business Goals
Subject: Business Studies
Class: JSS 3
Term: First Term
Week: 9
Age: 14-15 years
Topic: Setting Simple Business Goals
Sub-topic: SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)
Duration: 60 minutes
Behavioural Objectives:
By the end of the lesson, students should be able to:
- Define business goals.
- Explain the concept of SWOT analysis.
- Identify strengths, weaknesses, opportunities, and threats for a business.
- Set simple and achievable business goals.
- Analyze how SWOT affects goal setting.
Keywords: Business goals, SWOT analysis, strengths, weaknesses, opportunities, threats.
Set Induction:
Begin with a discussion on what goals are and ask students why setting goals is important in business.
Entry Behaviour:
Students should have basic knowledge of business concepts and goal setting.
Learning Resources and Materials:
- Whiteboard and markers
- SWOT analysis templates
- Printed worksheets
Building Background / Connection to Prior Knowledge:
Review previous lessons on entrepreneurship and business planning.
Embedded Core Skills:
Critical thinking, analysis, teamwork, and communication.
Learning Materials:
- SWOT analysis charts
- Relevant textbooks
Reference Books:
- Lagos State Scheme of Work for Business Studies
- “Business Studies for Junior Secondary Schools”
Instructional Materials:
- Chart paper for group work
- Markers
Content:
Definition of Business Goals:
Business goals are specific objectives that a business aims to achieve within a set timeframe.
SWOT Analysis:
A strategic planning tool that helps businesses identify internal and external factors that can affect their success.
- Strengths:
Internal attributes that give the business an advantage.- Examples: strong brand reputation, skilled workforce, loyal customers.
- Weaknesses:
Internal factors that may hinder business performance.- Examples: lack of funding, limited product range, high employee turnover.
- Opportunities:
External conditions that could help the business grow.- Examples: emerging markets, technological advancements, favorable regulations.
- Threats:
External challenges that could negatively impact the business.- Examples: economic downturns, increasing competition, changing consumer preferences.
Evaluation:
Fill-in-the-Blank Questions:
- Business goals are specific __________ a business aims to achieve. (a) targets (b) tasks (c) ideas (d) wishes
- SWOT stands for Strengths, Weaknesses, __________, and Threats. (a) Trends (b) Techniques (c) Opportunities (d) Targets
- An example of a strength is a __________ workforce. (a) weak (b) skilled (c) small (d) inexperienced
- High employee turnover is a __________. (a) strength (b) opportunity (c) threat (d) weakness
- Favorable regulations can be considered an __________. (a) opportunity (b) threat (c) weakness (d) strength
- Economic downturns are classified as __________. (a) strengths (b) opportunities (c) threats (d) weaknesses
- A strong brand reputation is an example of a __________. (a) weakness (b) threat (c) opportunity (d) strength
- SWOT analysis helps businesses make __________ decisions. (a) random (b) informed (c) quick (d) poor
- A __________ can help identify potential market gaps. (a) threat (b) weakness (c) opportunity (d) strength
- Weaknesses must be __________ to improve business performance. (a) ignored (b) enhanced (c) addressed (d) celebrated
- Competitors are considered __________ in the SWOT analysis. (a) strengths (b) threats (c) opportunities (d) weaknesses
- The first step in setting goals is to conduct a __________. (a) SWOT analysis (b) marketing survey (c) financial review (d) customer feedback
- A __________ could include new technology. (a) weakness (b) strength (c) threat (d) opportunity
- Businesses should focus on maximizing __________ while minimizing weaknesses. (a) threats (b) strengths (c) opportunities (d) goals
- Understanding external factors helps in setting __________ goals. (a) vague (b) random (c) realistic (d) unclear
Class Activity Discussion:
FAQs with Answers:
- What are business goals?
Specific objectives that a business aims to achieve. - Why is SWOT analysis important?
It helps identify factors that can affect business success. - What is an example of a strength?
A skilled workforce or strong brand reputation. - What can be a weakness for a business?
Lack of funding or high employee turnover. - How do opportunities benefit a business?
They provide chances for growth or expansion. - What is a common threat to businesses?
Increasing competition or economic downturns. - Can weaknesses be turned into strengths?
Yes, with the right strategies and improvements. - How often should a business perform a SWOT analysis?
Regularly, especially when planning for new projects. - Who can benefit from setting business goals?
Entrepreneurs and managers in any business setting. - What should come first: SWOT analysis or goal setting?
SWOT analysis should come first to inform goal setting. - How can technology be an opportunity?
It can streamline operations or create new products. - What happens if a threat is ignored?
It could lead to failure or loss of market position. - How specific should business goals be?
They should be clear and measurable. - Can external factors change over time?
Yes, market conditions and regulations can change. - What is the ultimate goal of conducting a SWOT analysis?
To make informed and strategic business decisions.
Presentation:
Step 1: Teacher revises the previous topic on entrepreneurship and business planning.
Step 2: Teacher introduces the new topic of setting business goals using SWOT analysis.
Step 3: Students contribute their thoughts, and the teacher provides corrections and guidance.
Activities:
Teacher’s Activities:
- Facilitate class discussions.
- Present examples of SWOT analysis.
- Guide students in group activities.
Learner’s Activities:
- Participate actively in discussions.
- Work in groups to perform a SWOT analysis on a chosen business.
- Share their analyses and proposed goals with the class.
Assessment:
Evaluation Questions:
- What is the purpose of setting business goals?
- List one internal factor and one external factor in SWOT.
- How do strengths contribute to achieving goals?
- Why is it important to recognize weaknesses?
- Describe an opportunity you would want to pursue.
- What impact do threats have on business performance?
- How can you turn a weakness into a strength?
- What is the first step in goal setting?
- How do external factors influence business decisions?
- Why should businesses regularly review their goals?
Conclusion:
The teacher circulates the classroom to mark and conduct evaluations, ensuring students grasp the importance of setting simple business goals using SWOT analysis.