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Management's responsibility is to take these factors into consideration to ensure that business will be successful. These factors are its strengths, weaknesses, opportunities, threats (SWOT). (Bateman-Snell, 2009)
External and Internal Factors
After analyzing the external environment and internal resources, strategic managers have the information they need to put together a plan for corporate, business, and functional goals for the organization. A comparison of strengths, weaknesses, opportunities, and threats normally is referred to as a SWOT analysis. (Bateman-Snell, 2009) SWOT analysis helps executives go over the major facts and forecasts resulting from the external and internal analyses...
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