After a company's strengths and weaknesses are assessed, the strategic planning process should identify opportunities and threats facing the company and should isolate the key factors for success in business.

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This statement is true. The strategic planning process typically involves a SWOT analysis, which stands for Strengths, Weaknesses, Opportunities, and Threats. After assessing the company's strengths and weaknesses, the process moves on to identifying external factors that could either help or hinder the company's success, and then pinpointing the most important factors for achieving that success.

After a Company's Strengths and Weaknesses Are Assessed, the Strategic