5 Questions
What are the components of the internal business environment?
The internal factors of the business environment include firm's strategies and policies, management-labour relations, and resources like manpower, capital, and machines.
What does the analysis of the internal environment help a firm to identify?
The analysis of the internal environment helps a firm to identify its strengths and weaknesses.
What are the micro factors of the external business environment?
The micro factors of the external business environment include customers, competitors, and suppliers.
What does the analysis of the external environment help a firm to identify?
The analysis of the external environment helps a firm to identify opportunities and threats.
What is the contemporary term used in place of SWOT?
The contemporary term used in place of SWOT is SWOC, where C stands for Challenges.
Study Notes
Internal Business Environment
- Components: Company resources, capabilities, and processes that contribute to its performance
- Includes: Human resources, physical resources, financial resources, technology, and organizational culture
Analysis of Internal Environment
- Helps identify: Strengths and weaknesses, internal opportunities, and potential threats within the organization
- Enables firms to: Leverage strengths, address weaknesses, and optimize internal resources
External Business Environment
- Micro factors: Suppliers, customers, competitors, and public
- Includes: Analysis of market trends, customer needs, competitor strategies, and public expectations
Analysis of External Environment
- Helps identify: Opportunities and threats in the external environment
- Enables firms to: Capitalize on opportunities, mitigate threats, and develop effective strategies
Contemporary Term for SWOT
- SOAR: Strengths, Opportunities, Aspirations, and Results
Test your knowledge of the business environment with this quiz. Explore the internal and external factors that impact business operations, including strategies, management, resources, customers, competitors, and more. Assess your understanding of micro and macro factors influencing the business world.
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