A company manufacturing hockey sticks makes an annual assessment of its resources in terms of raw materials, technical expertise, and technological knowhow. It assesses the type of competition that it faces in the sports goods market and also looks out for opportunities that would allow it to expand its business. This is an example of a (n) ?

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Business

Titus Shields

23 April, 03:35

A company manufacturing hockey sticks makes an annual assessment of its resources in terms of raw materials, technical expertise, and technological knowhow. It assesses the type of competition that it faces in the sports goods market and also looks out for opportunities that would allow it to expand its business. This is an example of a (n) ?

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Abdullah Bradley · Answer 1

SWOT Analysis

Explanation:

SWOT means Strengths, Weaknesses, Opportunities, Threats, of a business or company.

A company's strengths and weaknesses are internal - aspects one has some influence over and can alter. Examples comprise of team members, your intellectual property and trademarks, and your position of the company.

However, possibilities and threats are external - things happening in the broader market outside of your company. One can capture resources and defend from risks, but can't really alter them. Examples include rival rival companies, raw material rates, and patterns in consumer shopping.