Tuesday, 22 November 2016

What are some benefits of conducting an external analysis?

There are
many benefits to performing an external analysis. Typically, the external analysis deals with
opportunities and threats to the organizationfactors that are outside the company's control but
can either improve or threaten the company's positioning.

Performing an
external analysis helps to keep an eye on the pulse of the market. You can understand what
competitors are doing, how politics and the overall economy will shape your industry, and what
new avenues may be opening up for your company to explore. Essentially, the external analysis
acts as an opportunity to figure out what external factors will do to your business and allow
you to either take advantage of opportunities or fortify yourself against threats. It is very
strategic and can help market positioning and leverage.

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