Determine the appropriate strategic direction, a company must assess it’s external environment for opportunities and threats, and assess its internal environment for strengths and weaknesses.

An Internal-External Assessment is one of the major components of strategic management. To determine the appropriate strategic direction, a company must assess it’s external environment for opportunities and threats, and assess its internal environment for strengths and weaknesses.

You will conduct research on a specific company and develop an internal-external report that could be used in the strategic management process.

Answer & Explanation

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Yes, that’s correct. To determine the appropriate strategic direction, a company must conduct a thorough analysis of both its external environment and internal environment. This process is known as a SWOT analysis, which stands for Strengths, Weaknesses, Opportunities, and Threats.

Assessing the external environment involves identifying and analyzing opportunities and threats that exist in the market or industry where the company operates. This includes factor

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Step-by-step explanation

s such as competition, customer preferences, technological advancements, regulatory changes, and economic trends. By assessing the external environment, a company can identify opportunities that it can exploit and threats that it must address to remain competitive.

Assessing the internal environment involves identifying and analyzing the company’s strengths and weaknesses. This includes factors such as the company’s resources, capabilities, culture, and leadership. By assessing its internal environment, a company can identify its core competencies and areas where it needs to improve.

Once a company has completed its SWOT analysis, it can use the information to develop a strategic plan that leverages its strengths to exploit opportunities while addressing weaknesses and threats. The strategic plan should align with the company’s vision and mission and be flexible enough to adapt to changes in the external environment.

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