Analyze the Company’s Environment
The company’s environment includes the economy, market, competitive landscape, physical environment, and regulatory and social climate. You have to analyze each of these aspects, because threats and opportunities can emerge in any one of them. Most companies make a strategic plan every year or two because the environment changes—and as it does, so do the threats and opportunities.
Nonetheless, many companies have been blindsided by change, succumbing to competitors they failed to take seriously and missing opportunities that once stared them in the face.
CASE IN POINT
The complexity and connectedness of ...