![]() If you're just getting started or setting new goals, a SWOT analysis of the manufacturing industry can help you stand out from your competitors. Make sure your business plan includes both types of factors. These include the market size and demand, local and national economy, competition, supplier, industry regulations and more. External factors, on the other hand, cannot always be controlled. Internal factors, such as your staff, customers, organizational culture, partnerships and reputation, are under your control. At the same time, it's important to have a good understanding of the economic, societal, social, political and technological environment, which represent external factors. They need to assess the internal environment, including their organizational structure and systems, natural and human resources, operational costs and day-to-day operations. Business owners and entrepreneurs in the manufacturing industry must be responsive and adapt to the changes that occur in this market. ![]()
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