BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -External analysis refers to the study of the environment surrounding the organization, its competitors, suppliers, overall macro environment, and trends. Internal analysis is the study of the organization itself. Both are necessary to determine the starting point of effective strategic management.
Detailed explanation-2: -A SWOT analysis combines external and internal analysis to summarise your Strengths, Weaknesses, Opportunities and Threats.
Detailed explanation-3: -’ SWOT analysis is a useful technique that pulls together the internal and external aspects of the strategic position by considering the organisation’s strengths, weaknesses, opportunities and threats. It can be difficult to identify whether a particular issue is actually a strength or a weakness.