Strategic analysis is the process that firms use to study and understand the many different layers and aspects of their competitive environment. The external environment is continually changing, and the most successful firms are able to prepare for and adapt to environmental changes because they have done their homework and understand how external forces impact…

To react to change more easily and develop products consumers want, managers and consultants engage in environmental scanning —the systematic and intentional analysis of both a firm’s internal state and its external… From a local coffee shop to an international corporation, firms of all sizes benefit from strategic analysis.

competitive environment — Factors and situations both inside the firm and outside the firm that have the potential to impact its operations and success. strategic analysis — Process that firms use to study and understand their competitive environment. environmental scanning — The systematic and intentional analysis of a firm’s internal state and its external environment. external environment — The aspects of the world at large and of a firm’s industry that can impact its operations.

Be able to explain the elements of a SWOT analysis; describe a firm’s macro environment; explain what favorable PESTEL factors support LEGO’s efforts.