Problem
To design its Grand Strategy (see Ch. 2 of the book Fad Free Strategy) for the next 5 to 10 years, a company will inevitably perform both an external analysis (What are external unmet customer needs, how favorable is the broader PESTEL environment and the narrower competitive environment etc.) and an internal analysis of the company's capabilities. But which analysis should the company perform first? The external analysis of external opportunities or the internal analysis of capabilities? Why? If your answer is, 'it depends', then explain on what it depends?