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UNIT 1: BUSINESS AND THE BUSINESS ENVIRONMENT P6 Explain how strengths and weaknesses interrelate with external macro factors. 2 STRENGTHS AND WEAKNESSES INTERRELATE WITH EXTERNAL MACRO FACTORS Strengths and weaknesses are the factors of the firm’s internal environment. When looking for strengths, ask what do you do better or have more valuable than your competitors have? In case of the weaknesses, ask what could you improve and at least catch up with your competitors? 3 STRENGTHS AND WEAKNESSES INTERRELATE WITH EXTERNAL MACRO FACTORS Every business is affected by macroenvironmental forces. They can increase or decrease the need for your product, or create entirely new product needs. Raw material costs might be driven up or down. New target markets might be created or old ones changed. 4 STRENGTHS AND WEAKNESSES INTERRELATE WITH EXTERNAL MACRO FACTORS What’s important for a company is to identify those macro environmental forces that directly affect their business, which means understanding the nature of those forces and how to identify and analyze them. 5 STRENGTHS AND WEAKNESSES INTERRELATE WITH EXTERNAL MACRO FACTORS The strengths portion of the SWOT analysis is used to determine what your business does best. If you know your business' strengths you can place emphasis on them when the time comes to implement your marketing program. For instance, if you know that you can make a product cheaper than anyone else in your industry can, you list that as a strength. 6
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