Final answer:
In determining strengths and weaknesses, it is important to consider both the competitors and the firm's objectives. Evaluating strengths and weaknesses relative to competitors helps a firm understand its position in the market while assessing the firm's objectives allows for a more focused analysis of its internal capabilities and limitations.
Step-by-step explanation:
In determining strengths and weaknesses, it is important to consider both the competitors and the firm's objectives. Evaluating strengths and weaknesses relative to competitors helps a firm understand its position in the market and identify areas where it has a competitive advantage or disadvantage. On the other hand, looking at the strengths and weaknesses of the firm's objectives allows for a more focused analysis of its internal capabilities and limitations.