Question

a. How do firms identify internal strengths and weaknesses? Explain

b. Why is it vital that managers have a clear understanding of their firm's strength and weaknesses? Explain

Answer 1

a.

The internal strengths of the firms are identified by high efficient production, continuous resources of stable revenue generation, customer’s appreciation, effective employee engagement, and stable fitment of the implemented marketing strategies. All the above factors are the highlighting areas to identify the strengths of the company. The outcome of the above areas results in the effectiveness of the organizational strength and with correct mapping can be identified.   

The internal weaknesses of the firms are the areas that can hamper or may affect the firm in the upcoming future if it is not identified or resolved at the earliest possible time. The firm needs to monitor the performance history of the work-driven structure, functioning of the decision making the process, defined marketing strategies, and competitors gaining advantages. The correct measurement is highly required to do mapping on the above areas as a single weakness or dropping in such sectors may affect any firm to face major uncertainties.    

b.

The managers should keep a close eye on the firm’s strengths and weaknesses as to stabilize the firm’s performance it is highly necessary to work on it. If the managers have an in-depth understanding of strengths, then additional areas can be implemented to make stronger as it may make organizational structure better for productivity and high-growth.   

    

On the other hand, if the managers fail to identify weaknesses in the firm then uncertainties may affect badly. To avoid any unfavorable conditions and to make correct work structure on growing track it is necessary to focus on the past and present charts of everything that is being happened or undertaking in the organizational work process to make it structured.