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Approaches for External Environmental Analysis
Assignment briefs for various units in the Level 5 Diploma in Business Management program at OTHM.
1 Pages1493 Words572 Views
Added on 2020-07-23
Approaches for External Environmental Analysis
Assignment briefs for various units in the Level 5 Diploma in Business Management program at OTHM.
Added on 2020-07-23
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In the early age, cultural aspects, learning languages and travelling challenges restricted (Capacci, Scorcu and Vici, 2015). In 14 century Christopher Columbus sailed westward and vasco da gama cruised to country for earn money then business travel has been integral part of tourism industry(Cave and Brown 2012).Early tourism started with Nomads who travelled around the world in search of food and shelter. Main intension of this traveller is to gathered food and traded around the world and gave rise to the barter system (Capacci, Scorcu and Vici, 2015). 1500 BC is marked as the era when the Europeans visited pyramids and thus developed the tourism for pilgrimage. Early tourism started with Nomads who travelled around the world in search of food and shelter. Main intension of this traveller is to gathered food and traded around the world and gave rise to the barter system (Capacci, Scorcu and Vici, 2015). 1500 BC is marked as the era when the Europeans visited pyramids and thus developed the tourism for pilgrimage.Approaches for external environmentalanalysisApproaches for internalenvironmental analysisIntegrated internal and external According to internal and external analysis, effective strategies mustbe formulated so that company cam achieves all competitiveadvantages and grab the opportunities, reduces weak points as well asutilise strengths with available resources for achieving objectives andgoals in effective manner. Internal factors can be control by theorganisation as it is controllable in nature but external factors cannotbe controlled by the firm so they adopt strategies for managing theseforces.For surviving from all these factors, company can utilisetheir resources in appropriate manner so different kinds of strategiescan be formulated for integrations of internal and external analysis.Manager should analyse company's strengths, weaknesses,opportunities and threats which will support in making effectivedecisions regarding effective strategies and techniques for adoptions.Internal analysis is very effective in defining various strengthsand weaknesses of the company. It generally focusses oncompany's missions, visions, objectives and strategies forachieving competitive advantages. Internal analysis alsoconsiders various resources such as financial, human resource,different assets as well as technological advancement whichhelps in meeting organizational objectives in better ways. In thisSWOT and value chain analysis can be considering which arevery effective tool for internal analysis.Value chain analysis: It is an essential for examining theinternal environment of any particular company. It is based onvarious activities which is delivering products and services in themarket. In this consider two types of activities as one is primarywhich has included inbound logistics, operations, marketing andsales services and outbound logistics. On the other side,secondary activities including infrastructure, procurement,human resource management and technology. For the PrintWafer Mouse Trooper, their primary activities are providingbetter marketing consulting services to the other companies whoare dealing in art and crafts or fines art in the market. This firmhas sound contacts or relations with all companies because itsupplies products or material on time with best quality. They usevarioustoolsortechnique.These approaches are very helpful in analysing all external factorsthat cannot be control by the company or management. It can beunderstood through PESTEL Model which is best approach forexternal analysis such as:Political factors: This forces consider all the changes regardinggovernment policies which can effect on the business operationsand its performance. Economic factors: These factors concern with various changessuch as inflation, exchange rates, interest rates and economicgrowth. Some of major factor of economic for consultingmarketing firm or Daler-Rowney company that growing marketand perceived values for money.Social factors: These forces are related with human's lifestyles,beliefs and knowledge of society. People are usually lessinterested with purchasing art or crafts items due to high prices aswell as social activities are major factors of the company.Technological factors: These factors also very important as iteffects on the marketing campaign of every or each firm becauseof introducing new innovative ideas and technologies forpromoting particular products or services. Legal factors: These factors generally depend on the country'seffects as some legal obligations as well as rules or regulations ofgovernment that affects to the organisation and its operations.Therefore, different laws and legal boundaries are major factors ofthe firm.Environmental factors: These forces are another important whichmust be required for considering all these factors that effects onthe business operations such as animal campaign, save tree andmake green or clean environment campaign and many more.
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