Review Figure 4.2 - Discuss the section "Implications for Improving Company Strategy." Explain the importance of each of the 4 points for setting a good strategy. ( simple language, please)

FIGURE 4.2 The Steps Involved in SWOT Analysis: Identify the Four Components of SWOT, Draw Conclusions, Translate Implications into Strategic Actions What Can Be Gleaned from the SWOT Listings? Identify company strengths and competitive assets Conclusions concerning the company's overall business situation: What are the underlying reasons for the success for lack of success) of the company's strategy? What are the attractive and unattractive aspects of the company's situation? Identify company weaknesses and competitive deficiencies Identify market opportunities Implications for improving company strategy: Use company strengths as the foundation for the company's strategy. Shore up weaknesses that are interfering with the success of the strategy Use company strengths to lessen the Impact of Important external threats. Pursue those market opportunities best suited to company strengths. Correct weaknesses that Impair pursuit of Important market opportunities. Repair weaknesses that heighten vulnerability of external threats. Identify external threats