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.

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: Where on the scale from "alarmingly weak" to "exceptionally strong" does the attractiveness of the company's situation rank? What are the attractive and unattractive aspects of the company's situation? Identify company weaknesses and competitive deficiencies Identify the company's market opportunities Implications for improving company strategy: Use company strengths as the foundation for the company's strategy. Pursue those market opportunities best suited to company strengths. Correct weaknesses and deficiencies that impair pursuit of important market opportunities or heighten vulnerability to external threats. Use company strengths to lessen the impact of important external threats. Identify external threats to the company's future well-being