An assessment is required to arrive at conclusions on how the organization may be impacted by relevant threats and opportunities.
· External:
· MACRO- political/legal, economic/demographic, socio-cultural, and technological (PEST)
· MICRO- Rivals, clients, suppliers, channels, and the public
· Internal resources: the organization (Olsen, 2019).
Internal Analysis
Internal weakness/strength assessment of a company revolves around the internal elements which benefit or prove detrimental to a company when it comes to satisfying target market requirements. Strengths imply an organization’s core competencies which accord it an advantage with regard to fulfilling target market requirements. All assessments of corporate strengths ought to be client/market-focused, as they only have meaning so long as they aid the organization in fulfilling client/market demands. Weaknesses denote the shortcomings of a corporation in the area of strategy formulation and implementation. These also need to be studied from the standpoint of the client as clients can typically see shortfalls that organizations themselves fail to notice (Olsen, 2019).
External Analysis
External organizational analysis studies external environmental threats and opportunities independent from companies. To distinguish between threats/opportunities and weaknesses/strengths, the following basic question must be posed: Would it be a problem if the company did not exist?...
References
Advameg. (2019). Strategic planning failure. Retrieved from https://www.referenceforbusiness.com/management/Sc-Str/Strategic-Planning-Failure.html
Essays UK. (2018). Differences between strategic, tactical and operations planning. Retrieved from https://www.ukessays.com/essays/business/differences-between-strategic-tactical-and-operations-planning-business-essay.php?vref=1
Olsen, E. (2019). Internal and external analysis. Retrieved from https://onstrategyhq.com/resources/internal-and-external-analysis/
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