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SWOT analysis is a tool that summarizes Strengths, Weaknesses, Opportunities and Threats of a business.
Internal environment.
External environment.
It is used to analyze industry competition and profitability by studying five competitive forces.
Scenario planning is preparing for multiple possible futures by developing alternative scenarios and action plans.
Example: entry of a strong new competitor or strict new regulation increasing cost.
SWOT analysis identifies internal strengths/weaknesses and external opportunities/threats.
Significance (any three):
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