It is imperative to any strategy a company wants to develop that they conduct the PESTLE analysis as it forms a much more comprehensive version of the SWOT analysis.
This focuses on the political, economic, social, technological, legal and environments threats that may affect a business. It is a very useful concept that is used as a tool by organisations to track the environment they’re operating in or hoping to operate in as it gives a bird’s eye view of the environment as a whole from many different angles. This framework represents one of the vertebras of the backbone of strategic management that not only defines what a company should do, but also accounts for an o...
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...g the opportunities in the business environment and adapting the businesses resources and competenices to take advantage of this (Johnson, Scholes, Whittington 2008). As strategic decisions look to the future of the business this ensures ‘faddism’ is avoided. The uncertainty of the duration of a passing fad means that it is unwise for a business to plan strategically for them. Any orgnisation, and the management inparticular, must be flexible to be able to respond to environmental trends effecting strategic decisions. Strategic decisions are very different to business decisions and have the long term future of the organisation in mind. http://smallbusiness.chron.com/strategic-management-needed-61313.html
The concept of strategic management and its role in terms of organisational planning and development is fundamental for the success of an organisation.
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- A SWOT analysis is a tool that identifies internal and external factors that may affect an organization. According to Parnell (2014), a SWOT analysis allows managers to investigate the strengths, weaknesses, opportunities, and threats that a company may face in their environment. Strengths and weaknesses are typically internal factors; while opportunities and threats are external factors. A company’s strengths are the things that set them apart and make them different or better than anyone else in their industry.... [tags: Strategic management, SWOT analysis, Management]
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