Opportunity Analysis: Internal and External
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1) Where do you see opportunity - both internally and externally?
2) What should the company do about it?
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This solution provides the answer to two questions regarding internal and external opportunity analyses.
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1) Where do you see opportunity both internally and externally? 2) What should the company do about it?
Organization sees the opportunities in the external environment and strengths in the internal environment. Strengths can be utilized to match with the external environment. There should be a constant evaluation of the present environment, trends and the performance of the firm. The company should look for strengths and weaknesses and adjust their vision and long term objectives accordingly. A SWOT analysis is commonly used to measure the company's resource capabilities and deficiencies, its market opportunities and the external threats to its future well - being. Whole strategic planning process starts from extensive scanning of external and internal environment of an organization to understand the relative positioning of the firm in the business environment or industry it operates in and to identify the relative strengths and weaknesses of the organization.
The remote environment comprises factors that originate beyond, and usually irrespective of, any single firm's operating situation: (1) economic, (2) social, (3) political, (4) technological, and (5) ecological factors." (Pearce, 2004, p.79). Companies should constantly make changes in the way they manage their firm to keep up with the competition and to satisfy the consumers. For example, Ford, Chrysler and GM must always change their business tactics and strategies to lure customers and to stop the Japanese competition from taking away their customers. As experienced in the summer of 2005, the American competitors changed their strategy by offering ...
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