Question

Compile and organize external factors into two data sets, opportunities and threats, developing a full list of perhaps 50 to 100 factors relevant to the nine external areas described in the chapter. Then, narrow your data sets down to 20 key external factors that include specifically 10 opportunities and 10 threats. (Note: We use 10 and 10 since organizations commonly use this breakdown and the template at uses 10 and 10). There are literally a 100+ external factors that impact an any firm at any given time, so a narrow list must be determined from a full list that results from relevant research.

Answer 1

To compile and organize external factors into opportunities and threats, conduct research in nine external areas and create a comprehensive list, then narrow it down to 20 key factors including 10 opportunities and 10 threats.

Step-by-step explanation:

To compile and organize external factors into two data sets, opportunities and threats, you will need to conduct research and identify relevant factors in the nine external areas described in the chapter. These areas may include factors such as economic conditions, regulatory changes, technological advancements, competitive landscape, and consumer trends. Start by creating a comprehensive list of 50 to 100 factors and then narrow it down to 20 key factors, with 10 opportunities and 10 threats.

For example, in the area of economic conditions, an opportunity factor could be a growing market demand for the product or service, while a threat factor could be a recession or economic downturn. In the area of technological advancements, an opportunity factor could be the emergence of new digital platforms for marketing, while a threat factor could be disruptive technologies that make the product or service obsolete.

By evaluating and prioritizing these factors, you can gain insights into the external environment that can help inform strategic decision-making and identify potential risks and opportunities for the organization.