By conducting a(n) ________, a firm identifies the critical threats and opportunities in its competitive environment.
A) internal analysis
B) competitive analysis
C) external analysis
D) strategic choice

Question

Quizplus · Accepted Answer

An external analysis evaluates the competitive environment in which a firm operates, including the opportunities and threats posed by factors such as competitors, suppliers, customers, and technological trends. This type of analysis helps firms to better understand their position in the market and make informed strategic choices. Internal analysis focuses on a firm's strengths and weaknesses, while competitive analysis specifically examines the strengths and weaknesses of competitors in the industry. Strategic choice refers to the process of selecting and implementing a particular strategic plan or course of action.

By Conducting A(n) ________, a Firm Identifies the Critical Threats