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gathering information to help develop a strategy
internal audit: analysis of the business and how it operates
identifies strengths and weaknesses of its operations
large business - audit conducted by outside consultants
helps produce independent-minded analysis
external audit: analysis of the environment in which the business operations
has little or no control over it
deals with 3 key areas: market, competition and other issues relevant to the business
analyses nature and strength of competitors
what is SWOT analysis?
looking at
strengths - positive aspects identified from an internal audit
weaknesses - negative aspects identified from an internal audit
external opportunities - opportunities available to the business
shown by external audit
leads to improvements to exploit
threats - shows possible dangers that can damage performance
analytical tool to help managers with complex decisions
used before drawing up a strategic plan
summarises and builds upon internal and external audit
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