Awareness is a key differentiator in the business world. The firm that is unaware of anything internally or externally stands at an immediate disadvantage, since it cannot plan to avoid making critical errors, or may even become subject to public criticism leading to a fall in its image and brand value. Many tools have been utilized by firms for the purpose of building awareness. One such tool is the business SWOT analysis. This tool allows the business to determine its Strengths, Weaknesses, Opportunities and Threats. The process is part of the business’ Strategic Planning Process in which business goals and objectives are formulated. Here are four essential elements of business strategy that determine its success:
