Final answer:
A formal review of a business organization's strengths, weaknesses, opportunities, and threats that ultimately contributes to a comprehensive strategic plan is called a SWOT analysis.
Step-by-step explanation:
A formal review of a business organization's strengths, weaknesses, opportunities, and threats that ultimately contributes to a comprehensive strategic plan is called a SWOT analysis.
SWOT stands for strengths, weaknesses, opportunities, and threats. It is a structured approach to identify and evaluate the internal and external factors that can impact an organization's performance.
For example, in a SWOT analysis, a business organization may identify its strengths such as a strong brand image, a skilled workforce, or advanced technology. It may also identify weaknesses such as outdated infrastructure or a lack of diversity in its product portfolio. Opportunities could include new market trends or emerging technologies, while threats could be increased competition or changing regulatory requirements.