Question

In step 2 of the strategic planning process, a firm engages in a(n)_______ to assess its internal and external environments.

A) SWOT analysis
B) PESTEL analysis
C) Market research
D) Competitor analysis

Answer 1

In step 2 of the strategic planning process, a firm engages in a(n) (SWOT analysis to assess its internal and external environments. The correct option is A) SWOT analysis.

Step-by-step explanation:

In step 2 of the strategic planning process, a firm conducts a SWOT analysis to assess its internal Strengths and Weaknesses, as well as external Opportunities and Threats. This comprehensive analysis provides a strategic overview of the firm's current position and the potential avenues for future growth or improvement.

A SWOT analysis involves evaluating the internal factors that give a firm a competitive advantage or pose challenges, while also considering external factors such as market trends and competitor actions. By identifying these critical aspects, the firm can make informed decisions about its strategic direction and develop plans to capitalize on strengths and opportunities while addressing weaknesses and threats. The correct option is A) SWOT analysis.

Answer 2

In step 2 of the strategic planning process, a firm engages in a(n) (A) SWOT analysis to assess its internal and external environments.

Step-by-step explanation:

In step 2 of the strategic planning process, a firm conducts a SWOT analysis to assess its internal Strengths and Weaknesses, as well as external Opportunities and Threats. This comprehensive analysis provides a strategic overview of the firm's current position and the potential avenues for future growth or improvement.

A SWOT analysis involves evaluating the internal factors that give a firm a competitive advantage or pose challenges, while also considering external factors such as market trends and competitor actions. By identifying these critical aspects, the firm can make informed decisions about its strategic direction and develop plans to capitalize on strengths and opportunities while addressing weaknesses and threats.

Option A is correct.