Final Answer:
Yes, conducting a SWOT analysis will enable you to identify the strengths and weaknesses of the firm compared to other companies in the industry.
Step-by-step explanation:
SWOT Analysis: The question refers to a SWOT analysis, a strategic planning tool that evaluates a firm's Strengths, Weaknesses, Opportunities, and Threats.
Identification of Advantages and Weaknesses:
The statement affirms that performing a SWOT analysis will allow you to "see where the firm has advantages and weaknesses."
The phrase "against other firms" indicates that the analysis helps in benchmarking against competitors, understanding how the firm stands relative to others in the same industry. By assessing strengths and weaknesses, the analysis provides insights into the internal aspects of the firm. These insights are crucial for making informed decisions and formulating strategies to stay competitive in the market.
SWOT analysis is a key component of strategic planning, guiding businesses in leveraging their strengths and addressing weaknesses to capitalize on opportunities and mitigate threats.