UNIT 1: BUSINESS AND THE 
               BUSINESS ENVIRONMENT
      P6 Explain how strengths and 
        weaknesses interrelate with external 
        macro factors.
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          STRENGTHS AND WEAKNESSES 
           INTERRELATE WITH EXTERNAL 
                      MACRO FACTORS
         Strengths and weaknesses are the factors 
          of the firm’s internal environment. When 
          looking for strengths, ask what do you do 
          better or have more valuable than your 
          competitors have? In case of the 
          weaknesses, ask what could you improve 
          and at least catch up with your 
          competitors?
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          STRENGTHS AND WEAKNESSES 
           INTERRELATE WITH EXTERNAL 
                      MACRO FACTORS
        Every business is affected by 
          macroenvironmental forces. They can 
          increase or decrease the need for your 
          product, or create entirely new product 
          needs. Raw material costs might be driven 
          up or down. New target markets might be 
          created or old ones changed. 
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          STRENGTHS AND WEAKNESSES 
           INTERRELATE WITH EXTERNAL 
                      MACRO FACTORS
        What’s important for a company is to 
          identify those macro environmental forces 
          that directly affect their business, which 
          means understanding the nature of those 
          forces and how to identify and analyze 
          them. 
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          STRENGTHS AND WEAKNESSES 
           INTERRELATE WITH EXTERNAL 
                      MACRO FACTORS
        The strengths portion of the SWOT 
          analysis is used to determine what your 
          business does best. If you know your 
          business' strengths you can place 
          emphasis on them when the time comes 
          to implement your marketing program. For 
          instance, if you know that you can make a 
          product cheaper than anyone else in your 
          industry can, you list that as a strength. 
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