What is the process called that involves the identification and analysis of a business's internal strengths and weaknesses as well as external opportunities and threats?

The process that involves the identification and analysis of a business's internal strengths and weaknesses, along with external opportunities and threats, is known as SWOT analysis. This strategic planning tool is widely used by organizations to assess their current position in the market and to help inform decision-making.

In the context of a SWOT analysis, "strengths" refer to the internal attributes and resources that can support a successful outcome, such as a strong brand reputation or unique technology. "Weaknesses" are limitations or deficiencies within the organization that could hinder performance. On the other hand, "opportunities" represent favorable external factors that the business can leverage for growth, while "threats" are external challenges that could pose risks to the organization’s success.

By conducting a SWOT analysis, businesses can develop strategies that capitalize on their strengths and opportunities while addressing their weaknesses and mitigating threats. This holistic approach is critical for informed strategic planning and helps teams align their resources effectively.

The other options provided represent different concepts in business analysis; for instance, market analysis focuses specifically on understanding market conditions and consumer behavior, risk assessment evaluates potential risks in decision-making, and competitive analysis examines competitors to gain a competitive edge. However, none of these encapsulate the comprehensive nature of internal