Frameworks for identifying opportunities and threats
This video introduces two useful frameworks for business planning: SWOT analysis and PESTLE analysis. The SWOT analysis assesses strengths, weaknesses, opportunities, and threats that can impact a business. On the other hand, the PESTLE analysis examines external factors, including political, economic, sociocultural, technological, legal, and environmental influences on the business environment. Both frameworks provide valuable insights for strategic planning, enabling businesses to capitalise on their strengths, address weaknesses, seize opportunities, and navigate potential threats effectively.
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