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New businesses need to survive in the competitive market, whereas existing businesses need to frequently monitor their position in the market. Pitfalls such as economic recessions, entry of new competitors, and change in demand or financial crisis can turn the tables completely…
It comprises of Strengths, weaknesses, Opportunities and threats. Strengths are internal factors that can be concluded as advantages to the business (current advantages). Factors such as a focused management, hardworking employees, low costs are positive points for the firm. For Jengo Ltd, a high regard for their clothes by the customers is an impressive point for the future of the business. Weaknesses are internal factors as well that maybe termed as disadvantages for the firm (current disadvantages). Negative factors like a poorly trained workforce, ageing equipment etc need to be evaluated for a solution to arise. For Jengo Ltd, the failure to produce budgets or forecasts for the financial year hints weak planning on the part of the management. However, Opportunities are potential areas for expansion of the business (advantages that can arise in the future). These areas are obtained after an external audit in the market the firm operates in. Identifying new markets, expansion of the product portfolio and favorable government policies amalgamates in outdoing competitors. Moreover, threats are not to be forgotten while forecasting future business plans (problems that may arise in the future). These usually comprise of the macro environment factors that alter the economic environment, strength of the competition, globalization etc. ...
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