Final answer:
The company's plan for balancing internal strengths and weaknesses with external opportunities and threats is known as strategy.
Step-by-step explanation:
The company's plan for how it will balance internal strengths and weaknesses with external opportunities and threats to maintain a competitive advantage is known as strategy.
Strategy is an important aspect of business management that involves setting goals, making decisions, and allocating resources to achieve those goals. It helps organizations adapt to changing market conditions and gain a competitive edge.
For example, a company might analyze its internal strengths, such as a highly skilled workforce or advanced technology, and weaknesses, such as outdated processes or low employee morale. It would also assess external factors, such as market trends or competitor strategies, to identify opportunities and threats. Based on this analysis, the company would develop a strategic plan outlining how it will leverage its strengths, address weaknesses, take advantage of opportunities, and mitigate threats to achieve its goals.