Describe the Relevance of Analyzing the Internal and External Environment

question 100

Essay

Describe the relevance of analyzing the internal and external environment to the strategic management process.

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Definitions:

Business's Accounts

Records that summarize a company's financial transactions, including assets, liabilities, revenues, and expenses.

Expense

A cost or charge that is incurred in the process of generating revenue, typically classified on an income statement.

Liability

A financial obligation or amount owed by an individual or entity, typically representing loans or accounts payable.

Asset

Resources owned or controlled by a business that are expected to produce future economic benefits.