1. The global recession forced thousands of firms into bankruptcy. Does this fact alone confirm that external factors are more important than internal factors in strategic planning? Discuss.
Your response should be at least 200 words in length
2. Explain the process of an internal audit and how an organization can identify their strengths.
Your response should be at least 200 words in length.
please include reference
200 words each
refs and cite each
Even though the recession forced many companies to go bankrupt, the fact does not mean that external factors are more important than the internal counterparts. In fact, it means that the external and internal factors are equally important. External factors include competition, inflation, and other factors that are outside the control of the company. Even though the factors affect the growth and survival of businesses, those businesses that put in place suitable countermeasures usually survive the hard times. Measures may include cutting down on expenditures and implementation of technology to reduce labor costs. Proper investments may also enable companies to survive. Nevertheless, apart from the external factors, some internal factors can cause the collapse of business regardless of the market situation. One of the factors is…
APA 497 words