BUISENESS MANAGEMENT
BUSINESS PLANNING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Customer Analysis
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Competitor Analysis
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Market Analysis
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Performance Analysis
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Detailed explanation-1: -Answer and Explanation: Marketing budget is not part of the external analysis. An external analysis focuses on the external environment and how it affects the business. An analysis helps a business identify the threats and external opportunities in the market.
Detailed explanation-2: -A PEST analysis (or STEP analysis) invites you to list all the relevant external forces using four headings: Political, Economic, Sociological and Technological. These are useful headings; it doesn’t matter that some items might be both political and economic (eg taxation and exchange rates).
Detailed explanation-3: -On a macro scale, external analysis includes macroeconomic, global, political, social, demographic, and technological analysis.