Using knowledge gained from this course and previous coursework, conduct an internal and external environmental analysis for your proposed business. Using the information obtained from this analysis, as well as the lessons learned from the Considerations of a Strategic Plan List shown in the table below, create a SWOTT table summarizing your findings. Your environmental analysis should take into account, at a minimum, the factors listed below. For each factor, identify the one primary strength, weakness, opportunity, threat, and trend, and include it in your table

Question

Using knowledge gained from this course and previous coursework, conduct an internal and external environmental analysis for your proposed business. Using the information obtained from this analysis, as well as the lessons learned from the Considerations of a Strategic Plan List shown in the table below, create a SWOTT table summarizing your findings. Your environmental analysis should take into account, at a minimum, the factors listed below. For each factor, identify the one primary strength, weakness, opportunity, threat, and trend, and include it in your table

Answer 1

To conduct an internal and external environmental analysis for your proposed business, you will need to gather and analyze information from various sources. Here's a step-by-step guide on how to conduct this analysis:

1. Internal Analysis:
a. Identify your business's internal strengths and weaknesses:
- Start by evaluating your business's resources, capabilities, and core competencies.
- Analyze areas such as financial resources, human capital, technology, brand reputation, and operational efficiency.
- Identify what sets your business apart from competitors and where it may be lacking compared to industry standards.

2. External Analysis:
a. Identify your business's external opportunities and threats:
- Conduct a PESTEL analysis: Evaluate the Political, Economic, Sociocultural, Technological, Environmental, and Legal factors that can impact your business.
- Analyze industry trends, market conditions, customer behavior, and competitive landscape.
- Consider factors such as market size, growth potential, regulatory changes, and emerging technologies.

Based on the analysis conducted, you can create a SWOTT (Strengths, Weaknesses, Opportunities, Threats, and Trends) table summarizing your findings. Here's an example of how your table could be structured:

SWOTT Table:

| Factors | Primary Strength | Primary Weakness | Primary Opportunity | Primary Threat | Trend |
| ------------- | ------------------------------ | ------------------------------ | ---------------------------------- | ------------------------------------ | --------------------------------------- |
| Financial | Strong cash flow | High operating costs | Access to new funding sources | Economic downturn | Increasing competition in the industry |
| Human Capital | Highly skilled workforce | Staff turnover rate | Training and development programs | Difficulty attracting top talent | Remote work becoming more popular |
| Technology | Robust IT infrastructure | Outdated software systems | Automation and innovation | Cybersecurity threats | Advancements in Artificial Intelligence |
| Market | Strong brand identity | Limited market reach | Expansion into international markets | New entrants in the market | Increasing consumer preference for eco-friendly products |

In each factor, identify the primary strength (something the business does well), weakness (something that the business struggles with), opportunity (a potential area of growth or advantage), threat (an external factor that could negatively impact the business), and trend (a long-term pattern or development).

Remember, this is just an example, and the specific factors, strengths, weaknesses, opportunities, threats, and trends will vary depending on the nature of your proposed business. Conduct thorough research and analysis to identify the most relevant and significant factors to your business's success.