cal db 2 690

pdf

School

Colorado Technical University *

*We aren’t endorsed by this school

Course

690

Subject

Management

Date

Apr 3, 2024

Type

pdf

Pages

Uploaded by Devan12606

Strategic Management in Dynamic Environments: MGMT690 Unit 2-Discussion Board Colorado Technical University Professor Minnick March 28, 2024 Two analysis tools that are best options in this scenario that was given this week are SWOT analysis and PESTLE analysis. SWOT Analysis is an analysis tool that helps identify the Strengths, Weaknesses, Opportunities, and Threats linked with a project or decision. By performing a SWOT analysis, the team can evaluate internal factors such as capabilities, potential resources, and market position. Also, SWOT analysis focuses on external factors such as market trends, competitor actions, and regulatory changes (Colorado Technical University, 2024). PESTLE stands for Political, Economic, Sociocultural, Technological, Legal, and Environmental factors. This analysis tool helps evaluate the external factors that could impact the organization or project. Both tools can be utilized in helping with the global marketing strategy. SWOT and PESTLE analyses are the best methods for market analysis due to their comprehensive and systematic approach in evaluating various aspects of the business environment. Both analyses provide a full understanding of the market dynamics, enabling businesses to make informed decisions, develop strategies, and navigate uncertainties with greater clarity and confidence. SWOT analysis provides a structured framework for assessing internal weaknesses and the strengths of a company, as well as external opportunities and potential threats posed by the current market. By identifying these potential factors, businesses can build on strengths, exploit opportunities, evaluate threats, and address weaknesses. In turn this will allow the company to formulate strategies that align with their objectives and enhance competitive advantage. For PESTLE analysis, it goes into the external macro-environmental factors that could influence the organization. It considers economic, sociocultural, technological, legal, political, and environmental influences, offering insights into the broader landscape in which the business operates (Kunc, 2018). This analysis helps businesses anticipate and adapt to adjustments in the external environment, identify emerging trends and opportunities, and manage potential risks and challenges effectively. Both PESTLE and SWOT analysis will be used as crucial tools for guiding our decision-making process and supporting our overall strategy. For SWOT analysis, it will help us identify internal strengths and weaknesses, such as our brand reputation, product quality, or operational efficiency, alongside external opportunities, and threats. Some

threats are emerging market trends or competitor actions. By leveraging SWOT analysis, we can capitalize on strengths, address weaknesses, exploit opportunities, and mitigate threats, thus enhancing our competitive positioning in the furniture industry (Keiling, 2023). As for PESTLE analysis, it will provide insights into the broader macro-environmental factors influencing our business. By examining political, economic, sociocultural, technological, legal, and environmental aspects, we can anticipate changes in the furniture industry and identify potential risks or opportunities. We can also adjust our strategies according to the factors. This analysis will help the company understand the regulatory frameworks, cultural shifts, technological advancements, and other external influences impacting our operations. References Colorado Technical University. (2024). Integrative and Analytical Tools: Strategy Selection. [MUSE]. Colorado Technical University Virtual Campus. https://class.ctuonline.edu/_layouts/MUSEViewer/Asset.aspx?MID=27773346&ai d=27773359 Keiling, H. (2023, March 10). SWOT analysis guide (with examples) | indeed.com. indeed. https://www.indeed.com/career-advice/career-development/swot-analysis-guide Kunc, M. (2018). Strategic Analytics: Integrating Management Science and Strategy. Wiley Global Research (STMS). https://coloradotech.vitalsource.com/books/9781118943687 Pušnik, M., Šumak, B., & Štumpfl, U. (2020). Analysis of strategic planning assistance tools. Faculty of Organization and Informatics Varazdin. https://www-proquest- com.coloradotech.idm.oclc.org/docview/2531373666?pq- origsite=summon&accountid=144

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Related Documents

Classroom Management Plan Final.docx

The process of strategy formulation - Bridge CPE class.docx

Strategic analysis - internal environmental analysis - Bridge CPE class.docx

My Philosophy of Classroom Management.docx

Leadership Report.docx

mardb2 690.pdf

HRMT 419-W5_Recruitment Proposal.docx

MANA 343 Connect Quizzes.docx

HRMT 427 (Week 4 Case).docx

MGMT315-W4_Assignament.docx

Belanger_CJ812_Week6.docx

Case-study 12.docx

Recommended textbooks for you

Management, Loose-Leaf Version

Management

ISBN:9781305969308

Author:Richard L. Daft

Publisher:South-Western College Pub

Understanding Management (MindTap Course List)

Management

ISBN:9781305502215

Author:Richard L. Daft, Dorothy Marcic

Publisher:Cengage Learning

Principles of Management

Management

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax College

Purchasing and Supply Chain Management

Operations Management

ISBN:9781285869681

Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:Cengage Learning

SEE MORE TEXTBOOKS

Recommended textbooks for you

Management, Loose-Leaf Version
Management
ISBN:9781305969308
Author:Richard L. Daft
Publisher:South-Western College Pub
Understanding Management (MindTap Course List)
Management
ISBN:9781305502215
Author:Richard L. Daft, Dorothy Marcic
Publisher:Cengage Learning
Principles of Management
Management
ISBN:9780998625768
Author:OpenStax
Publisher:OpenStax College
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning