BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economical analysis
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Industry analysis
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PESTLE/PEST analysis
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SWOT analysis
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Detailed explanation-1: -The two common types of environmental analysis methods are the PESTLE analysis and SWOT analysis. These approaches help organizations assess their strategic positions based on a wide range of internal and external factors.
Detailed explanation-2: -SWOT Analysis SWOT analysis stands for strengths, weaknesses, opportunities and threats analysis of a business environment. Strengths and weaknesses are an organization’s internal factor while threats and opportunities are considered as external factors.
Detailed explanation-3: -In the process of doing business there, both threats and opportunities arise for the development of the organization. To detect them, the following methods of analysis are widely used: SWOT analysis, PEST analysis, GRID analysis, SCAN analysis, STEP analysis, ETOM analysis, EFAS analysis, SNW analysis.