BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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benchmarking
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a situational analysis
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internal marketing
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corporate strategy
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organizational scanning
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Detailed explanation-1: -It involves looking at the strengths and weaknesses of your business capabilities, and any opportunities and threats to your business. Once you identify these, you can assess how to: capitalise on your strengths.
Detailed explanation-2: -Figure 1. The SWOT analysis, whereby leaders assess an organization’s strengths, weaknesses, opportunities, and threats, is a useful and time-tested leadership tool.
Detailed explanation-3: -SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT analysis is a technique for assessing these four aspects of your business.
Detailed explanation-4: -Environmental scanning is a process that systematically surveys and interprets relevant data to identify external opportunities and threats that could influence future decisions.
Detailed explanation-5: -SWOT analysis is a framework for identifying and analyzing an organization’s strengths, weaknesses, opportunities and threats. These words make up the SWOT acronym. The primary goal of SWOT analysis is to increase awareness of the factors that go into making a business decision or establishing a business strategy.