HRMA 2350 Study Guide - Final Guide: Swot Analysis, Strategic Management, Competitor Analysis

• School: University of Houston
• Department: Hotel and Restaurant Management
• Course: HRMA 2350
• Professor: Boger Carl

Document Summary

The laws, rules, and regulations put into place by federal, state, or other government entities and civilian organizations to control the behavior and actions of business activities. The combined external and internal analyses are called swot analysis. Studies the attractiveness and the dynamics of a special market within a special industry. It is part of the industry analysis and thus in turn of the global environmental analysis. Is a business function completed by business owners and other individuals to assess the current business environment. This analysis helps businesses understand various economic pieces of the marketplace and how these various pieces may be used to gain a competitive advantage. In marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats.