BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Strength
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Opportunity
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Weakness
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Threat
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Detailed explanation-1: -Threats are external factors that threaten your company (or your own) ability to implement your mission and achieve your vision. In regard to a business, threats can come from political opposition to your work, stifling laws and regulations, your opposition and competition, changing customer attitudes, and the like.
Detailed explanation-2: -Effective mission and vision statements reduce ambiguity and provide clarity and direction. Comprehensive SWOT and PEST analyses help an organisation to understand how to exploit its strengths, neutralise its weaknesses and take advantage of its opportunities.
Detailed explanation-3: -What is the purpose of performing a SWOT Analysis? Evaluates whether the business venture is a good idea. Identifies internal and external factors that may affect the business future performance.