Question

Why is it important to identify internal strengths and weaknesses?

I dont need an essay!! The question is from a business standpoint. Thanks.

Answer 1

Identify internal strengths and weaknesses are seen as important to achieving company's goals. It's vital to try to evaluate the company's strengths in terms of how they compare to competitors in the market. It helps to influence the company's ability to take advantage of a new opportunity

Assessing business’ internal strengths and weaknesses can help in understanding the performance of and how it could do better. Looking at business opportunities can help to find a niche in the market and work out how to take hold of and break into that space. Whereas looking into the threats i.e. the competing companies can help to work out where the company lacks and how it should change the business plan to address and overcome failed objectives; or marketing strategy to out-perform the competition.