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Requirement
Write an essay of explaining what the main strategy development tools are and how they are used in business. Your essay must contain a comprehensive discussion of at least 3 of the following: PESTEL, Five Forces, Resource-Based View, PROFIT, Input/Output, SWOT Analysis(you may include Cross Impact Analysis) with reference to academic journals and practical examples from industry.
Solution
Introduction
This paper portrays three basic business strategy tools that are utilized by associations to line up their activities, relationship, process and resources to guarantee that their future strategy is valuable. These tools will help in your investment and decision making in business procedures.
SWOT Analysis
SWOT analysis is a tool that recognizes the association's strengths, weaknesses, opportunities and threats. It is a process that is used to analyze or identify both external and internal factors that can directly affect the feasibility of place, product, person or project. A SWOT analysis is frequently utilized as a beginning or part of a strategy. The structure is thought to be a support for decision making since it empowers an entity to highlight opportunities for success. For instance, this exercise can recognize a place in the market where there is acompetitive advantage of business or enables people to make profession success by pointing their path that will expand their powers, and also it alert them about the treats that can hinder their success. (DeSilets, 2008)
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Strength: This consist of internal resources and attributes that results in success.
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Weakness: This consists of internal resources and attributes that don’twork in an organization. These weaknesses usually stop an organization to perform at its best.
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Opportunities: This consist of factors mostly external that an organization can utilize to gain advantages. For example, an automobile manufacturer can export its autos to another market, this will help in increment of sales and the share of the market if the price in a nation isreduced- then there is an opportunity in this case.
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Threats: This consists of all those factors that can hinder the success of an organization. For example, the dry season is a danger to a wheat-making organization, since it can reduce the yield of the crop. Other basic threats are rising competition, investment and the suppliedlabour. A SWOT analysis is mostly used to sort out the objects recognized under every one of these four components. A SWOT analysis is usually a square partitioned into four squares, speaking to one in every number. Organizations that are performing SWOT analysis can choose to use any one of the SWOT analysis templates.
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Benefits and Advantages
SWOT analysis is beneficial in the framework of social practice, as it supports the organization decide towhether the aim or objective can be achieved or not?It empowers the organizer to take an idea and create viable and efficient outcomes that havea direct impact on changes that long last, and this encourages associations to accumulate significant data to expand their potential. (Blake & Wijetilaka, n.d.)
PESTLE Analysis
PESTLE analysis sometimes called an analysis of the political, economic, social and technological area. It is a way by which an association can evaluate external factors to end up being more competitive in the market, which influence its operation. According to the magnitude, those four regions are the central point of this model. (Shabanova, Ismagilova, Salimov, & Akhmadeev, 2015). It is believed that PESTLE analysis was first presented by the professor of Harvard whose name was Francis J. Aguilerunder the name of ETPS. In the book of 1967, "Scanning the Business Environment," Aguiler introduced economic, technology, political and social factors as a notable effect on the environment of business. After this, ETPS was replaced by PESTLE. (Aguilar, 1967).
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Political: The political part mostly focusseson the zone in which changes inlaws influence the economyand/orgovernment strategy, particular organization and industry. The policy areas, which can particularly impact an association, incorporate expense law and workplace law. The general political condition of any nation or region and in addition global relations can also greatly affect the association.
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Economic: This part of the analysis focuses on the key variables of interest and trade rates, growth in the economy,inflation, supply and demand and recession.
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Social: This part includesdemographic, culture, age, lifestyle and workplace.
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Technology: This part focuses on the impact of technology and innovation on business.
Benefits & Advantages
It can help in identifying an organization and in this way capitalization is possible on the opportunities exhibited by existing circumstances in the environment of business. PESTLE is also utilized to recognize present or potential future challenges, consideringfor best plan to deal with these difficulties at its best.It can also be used toidentify weakness and strength in the internal politics, social environment, economic factors and other factors within the organization. (PESTLE Analysis., n.d.)
Resource Based View
Resource-Based View (RBV) used to take an 'inside-out' view on why the association fails or become successful in the market. As per RBV, the organization’s capacity enables certain organizations to increase the value of the client value chain, grow new items or expand into new markets. RBV is based on the abilities and resources of living inside associations to create competitive advantages that are sustainable. Even though, all the resources of the firm won't be planned and therefore, will be the sources of competitive advantages. When there is a situation of resource immobility and resource heterogeneitythen only competitive advantages occur. There are two types of resources:
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Tangible Assets: These are the most physical thing that exists like building, land, machinery, capital and equipment. These assets are easily available in the market and can be very beneficial.
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Intangible Assets: Intangible resources are everything that has no physical presence yet can, in any case, be used by the organization. Trademarks, brand reputation and intellectual properties are some of the examples of intangible resources. Not like physical resources, the reputation of the brand has been made for quite a while and it is something that different organizations cannot purchase from the market. Unique resources in an organization are the main source of sustainable competitive advantage.
Resource-Based View (RBV) was founded in the 80s and 90s, after the publication by Wernerfelt, B. Supporters of this approach contend that associations should look inside the organization to analyze the cause of competitive advantage instead of taking a look at the competitive condition for it.(Saá-Pérez & GarcÍa-FalcÓn, 2002).
In 1991 Barney published an article "Firm Resources and Sustained Competitive Advantage" has been generally cited as a vital work in the emergence of resource-based representation. In any case, a few researchers oppose that there was evidence for a discrete resource-basedtheory since the 1930s. RBV suggests that organizations are diverse since they have heterogeneous resources, which implies that organizations can join distinctive strategies as they get diverse resources.(Barney, 1991).
Bibliography
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Aguilar, J. F. (1967). Scanning the business environment. Macmillan.
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Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of management, 99-120.
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Blake, M., & Wijetilaka, S. (n.d.). 5 tips to grow your start-up using SWOT analysis. Retrieved 4 14, 2018, from http://www.brw.com.au/p/entrepreneurs/tips_to_grow_your_start_up_using_eQEF8Pm8l2Q9hME9TBXvVL
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DeSilets, L. D. (2008). SWOT Is Useful in Your Tool Kit. Journal of Continuing Education in Nursing, 39(5), 196-197. Retrieved 4 14, 2018, from https://healio.com/nursing/journals/jcen/2008-5-39-5/{ebf4652f-07b8-419f-ab1d-8053aab0bb06}/swot-is-useful-in-your-tool-kit
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PESTLE Analysis. (n.d.). Retrieved 4 14, 2018, from http://www.cipd.co.uk/hr-resources/factsheets/pestle-analysis.aspx
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Saá-Pérez, P. D., & GarcÍa-FalcÓn, J. M. (2002). A resource-based view of human resource management and organizational capabilities development. International Journal of Human Resource Management, 13(1), 123-140. Retrieved 4 14, 2018, from http://tandfonline.com/doi/abs/10.1080/09585190110092848?journalcode=rijh20
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Shabanova, L., Ismagilova, G., Salimov, L., & Akhmadeev, M. (2015). PEST - Analysis and SWOT - Analysis as the Most Important Tools to Strengthen the Competitive Advantages of Commercial Enterprises. Mediterranean journal of social sciences, 6(3), 705. Retrieved 4 14, 2018, from http://mcser.org/journal/index.php/mjss/article/view/6606
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