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Report on Business Environment Analysis

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Added on  2020-06-05

Report on Business Environment Analysis

   Added on 2020-06-05

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BusinessEnvironmentAnalysis
Report on Business Environment Analysis_1
Table of Contents1 Introduction.........................................................................................................................12 Analysis of tools..................................................................................................................23 Reflection on learning.........................................................................................................64 Conclusion and recommendation........................................................................................7REFERENCES................................................................................................................................9
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1 IntroductionBusiness strategy refers to the plan of an enterprise which firm formulate and use toachieve its set goals and objectives. Strategies of an enterprise get succeed when it contribute inits growth, help in get a strong competitive position and make the financial performance ofbusiness stronger (Hilton and Platt, 2013). When strategy of an enterprise fails then enterpriseeither change the strategy or introduce variations in that business strategy (BUSINESSSTRATEGY, 2018). Mainly, business strategy known as the working plan of a firm to prioritiseits objectives, achieve its vision, and optimise utilisation of all resources with its business model.Objectives is known as the heart of the strategy and at the same time highlights how the firm canachieve those objectives. One of the major advantage of business strategy is that it differentiatethe firm from its competitors. Number of business strategies are possible even for the firmsworking in same industry. Formulation of business strategy start with set the objective ofenterprise. Increasing owner value remain one of the major objective behind formulate businessstrategies and this can be achieve by earn huge amount of profits. Therefore, focus of a effectivebusiness strategy remain on earn and increase profits of enterprise. Strategic planning include define strategy of a business, its direction and take decisionsrelated with allocation of resources to execute strategy. Further, it provide the mechanisms forguide and control the implementation of strategy. Today, strategic planning is known as one ofthe most essential part of business enterprises (Johnson, 2016). This is executed by strategistswhich also carry out the research in order to identify the factors that exist in businessenvironment and affect the functioning and operations of business. Basically strategy, involves decide the action of firms to achieve goals, set goals andutilise all business resources to an optimum level to complete business operations. Mainly, astrategy define or guide manager to achieve set goals of firms with help of resources. Strategy isthe one that consists formulate and implement business plans. It is very essential that there mustbe effective communication among all business functions as this help enterprise in get maximumbenefits of its strategy (Grant, 2016). Overall strategic planning is a process and has inputs,activities and outputs. Number of element are there that affect the business actions and decisionsso all must be consider by manager while formulate strategy for business. I analysed that business strategy is the process that execute by an enterprise to achieve itsset goals and objectives. Various factors are there which affect the business actions and decisions1
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so it is very essential for firm to identify and consider all those elements while formulate strategyfor business. I discovered that various type of strategy are there and business enterprises can usestrategy as per their final goal and outcome (Moutinho, 2011). Overall, in order to get maximumbenefits of business strategy it is very important for firm to align its finals goals with businessmodel. 2 Analysis of toolsAnalytical technique is a process that an enterprise use to for carry out analysis ofspecific problem, fact or business status. Basically there type of techniques are limited by time orby task. Firms use these to solve a particular topic or issue. Number of analytical techniques arethere which an enterprise can use to solve the issues or handle the problem. Basic and morepopular analytical tools are as follows:BCG matrixGap analysisBrainstormingBenchmarkingMind mapsSWOT analysisSix questionsAll these are the major analytical tools that an enterprise use to identify the main factorsthat affect functioning of business and to solve a specific issues. One of the main benefit of usingthese techniques is that it help firm in utilise all its resources to an optimum level and at the sametime help in formulate a effective strategy for enterprise to achieve its set goals and objectives.This provide an opportunity to firm to manufacture and offer products as per the requirements ofits customers which help in retain them for a long time period (Cascio, 2018). Further, thesetechniques support company in choose the best solution among all alternatives. In addition tothis, it contribute a lot in success and growth of enterprise. This support manager in take betterdecision which help enterprise in achieve its set goals and objectives in an effective manner. Thishelp in bring coordination among various business functions which help firm in fulfil the specificrequirements of its customers and retain them for a long time period. One of the main benefit ofusing these techniques is that it help manager in examine the appropriateness and effectivenessof an alternative. This guide manager in enhance the appropriateness of a alternative. 2
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