Before providing solution of anything one has to find the problems first. So to find problem related to any business it is very first step to conduct SWOT analysis and PEST or PESTLE analysis.
Before going for the SWOT analysis of the business concerned it is important to understand SWOT first. “SWOT ANALYSIS is the detailed search and listing of factors from situational analysis that might or will impact the business’s strategy. Strategic marketing is based on the SWOT analysis. The process by which SWOT factors are derived is to carefully review the internal analysis for strengths and weaknesses, and the environmental analysis for opportunities and threats, and to then record”.
According to (Morrison, J 2002) “The SWOT analysis is a commonly used planning tool, which assesses the firm’s strategic profile in terms of its strengths, weaknesses, opportunities and threats. Focusing on both internal and external environments, it serves to highlight a firm’s distinctive competences, which will enable it to gain competitive advantage”.
Based on the above information from the scholars it is true that business environment can be divided into two part-internal and external environments. Internal environment consists of all factors that is internal part of the business. These internal factors are within the control of the business. Strength and Weaknesses of the business can be found in the internal environment of the business. External factors are those factors which are not within the control of the business and to be into existence business houses has to change in their internal policy and adjust itself to cope with the external environment factors. Opportunities and Threats are the factors that are part of external environment of a business.