which of the following below are the results of the external analysis used for
to find out who the competitors are
to define the internal values and mission
to identify key resources and capabilities
to predict the future conditions the firm may face
The options below are the results of the external analysis used for:
1. Identifying competitors
2. Defining internal values and mission
3. Identifying key resources and capabilities
4. Predicting future conditions the firm may face
The results of the external analysis can be used to accomplish the following objectives:
1. To find out who the competitors are: By conducting an external analysis, a firm can identify and analyze its competitors in the market. This can include understanding their strengths, weaknesses, market share, pricing strategies, and overall competitive landscape.
2. To define the internal values and mission: External analysis provides insights into the broader industry and market trends. By understanding the external environment, a firm can align its internal values and mission to seize opportunities and effectively respond to threats in the marketplace.
3. To identify key resources and capabilities: External analysis can help a firm identify the resources and capabilities it possesses that are valuable, rare, or difficult to imitate. This analysis can uncover the firm's competitive advantages, strengths, and areas for potential improvement.
4. To predict the future conditions the firm may face: By assessing the external environment, a firm can anticipate and predict future conditions it may face. This can include trends, changes in customer behavior, technological advancements, regulatory changes, and overall market conditions. Understanding these potential future conditions allows a firm to develop strategies and plans to adapt and thrive in the changing market dynamics.
The following are the results of the external analysis:
1. Identifying Competitors: To find out who the competitors are, you can conduct a competitive analysis. This involves evaluating competitors' products, pricing strategies, market share, and overall business strategy. You can also look for market research reports or industry analysis to gain insights into the competitive landscape.
2. Defining Internal Values and Mission: The internal analysis focuses on assessing the organization's strengths, weaknesses, and core competencies. This helps in defining the internal values and mission. To conduct an internal analysis, you can review the organization's strategic documents, such as the mission statement, vision statement, and core values. You can also analyze financial reports, employee performance, and customer satisfaction to understand the organization's internal capabilities and values.
3. Identifying Key Resources and Capabilities: To identify key resources and capabilities, you can perform a resource analysis. This involves evaluating the organization's tangible and intangible assets, including financial resources, physical infrastructure, technology, human capital, and intellectual property. By conducting a thorough analysis of these resources, you can identify the organization's unique strengths and competitive advantages.
4. Predicting Future Conditions: To predict future conditions, you can conduct a scenario analysis or a trend analysis. Scenario analysis involves developing multiple possible future scenarios based on different assumptions and evaluating the potential impact on the organization. Trend analysis involves analyzing historical data and identifying patterns or trends that can help predict future conditions. Additionally, you can review industry forecasts, market research reports, and economic indicators to gain insights into the potential future conditions that the organization may face.
Overall, the results of the external analysis help organizations understand their competitive landscape, define their internal values and mission, identify their key resources and capabilities, and predict the future conditions they may face.