Learning Path
Question & Answer1
Understand Question2
Review Options3
Learn Explanation4
Explore TopicChoose the Best Answer
A
Only SWOT Analysis is sufficient
B
Stakeholder Analysis alone will address all issues
C
Using all three techniques provides a holistic view
D
Fishbone Diagram is the only useful tool
Understanding the Answer
Let's break down why this is correct
Answer
The best approach is to use all three techniques together. First, a SWOT analysis gives a clear picture of the firm’s internal strengths and weaknesses and the external opportunities and threats. Second, stakeholder analysis pulls in the needs and concerns of customers, managers, suppliers and other key parties, ensuring the plan addresses the right expectations. Third, a Fishbone diagram digs into the root causes of the dissatisfaction that the SWOT and stakeholder insights have highlighted. Together, these tools create a strategy that is internally grounded, externally responsive, and causally focused, so the improvement plan is both realistic and targeted.
Detailed Explanation
The three tools give a complete picture. Other options are incorrect because Relying only on SWOT misses who cares about the result and why they feel that way; Stakeholder Analysis shows what people expect, but it does not reveal internal problems or how to fix them.
Key Concepts
SWOT Analysis
Stakeholder Analysis
Fishbone Diagram
Topic
Business Analysis Techniques
Difficulty
hard level question
Cognitive Level
understand
Practice Similar Questions
Test your understanding with related questions
1
Question 1A small retail company is facing declining sales and is unsure about the reasons behind it. They decide to conduct a SWOT analysis to evaluate their current position. Which of the following best describes how they should utilize the SWOT analysis to improve their business strategy?
easyBusiness
Practice
2
Question 2In a project to improve customer satisfaction, a team uses SWOT Analysis to identify strengths and weaknesses, Stakeholder Analysis to understand the expectations of key stakeholders, and a Fishbone Diagram to find potential causes of customer dissatisfaction. Which combination of these techniques is most effective in developing a comprehensive strategy for improvement?
hardBusiness
Practice
3
Question 3A small retail company is facing declining sales and is unsure about the reasons behind it. They decide to conduct a SWOT analysis to evaluate their current position. Which of the following best describes how they should utilize the SWOT analysis to improve their business strategy?
easyBusiness
Practice
4
Question 4In a project to improve customer satisfaction, a team uses SWOT Analysis to identify strengths and weaknesses, Stakeholder Analysis to understand the expectations of key stakeholders, and a Fishbone Diagram to find potential causes of customer dissatisfaction. Which combination of these techniques is most effective in developing a comprehensive strategy for improvement?
hardBusiness
Practice
5
Question 5A small retail company is facing declining sales and is unsure about the reasons behind it. They decide to conduct a SWOT analysis to evaluate their current position. Which of the following best describes how they should utilize the SWOT analysis to improve their business strategy?
easyBusiness
Practice
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