logo
Ask Question

Asked by Bethany Hinkle on Jul 14, 2024

verifed

Verified

When conducting a SWOT analysis,any identification of strengths and weaknesses should be made in comparison to the competition.

SWOT Analysis

A strategic planning tool used to identify Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning.

Strengths

Positive attributes of a company or situation that are within its control, often identified in SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis.

Weaknesses

Flaws or shortcomings within a business that may hinder its performance or ability to compete effectively.

  • Understand the process and significance of comparing a firm’s strengths and weaknesses to its competitors.
verifed

Verified Answer

CR
Carl Ryan TuckerJul 15, 2024
Final Answer :
True
Explanation :
Conducting a comparison with the competition is a crucial part of conducting a SWOT analysis as it enables businesses to gain an understanding of their relative strengths and weaknesses in their respective markets. This information can then be used to develop strategies that capitalize on strengths while addressing weaknesses and mitigating threats.

Related questions

When Assessing the Strengths and Weaknesses of a Competitor,success Factors ...

What Question Are You Answering in Your Plan When You ...

A Strong Management Team Recognizes the Window of Opportunity and ...

Firms Maintain Their Completive Edge By​ ...

Successful Strategies Share Several Essential Features ...