In strategic planning, what do strengths and weaknesses refer to?

In the context of strategic planning, strengths and weaknesses are specifically related to internal organizational characteristics. This involves evaluating a company's own resources, capabilities, and overall performance. Strengths might include a strong brand reputation, proprietary technology, skilled workforce, or efficient processes that provide a competitive edge. Conversely, weaknesses could encompass areas where the organization lacks resources or capabilities, such as outdated technology, high employee turnover, inadequate funding, or poor customer service.

Understanding these internal factors is crucial as they form the foundation for strategic decision-making. They help an organization identify what it does well and where it may need to improve, ultimately informing how it can position itself in the marketplace to effectively leverage its strengths while addressing its weaknesses. In contrast, the other options relate primarily to external factors that do not pertain to the internal assessment of an organization's performance or capabilities.