Competitive Strategies - A Discussion

Running head: COMPETITIVE STRATEGIES – A DISCUSSION
COMPETITIVE STRATEGIES – A DISCUSSION
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1COMPETITIVE STRATEGIES – A DISCUSSION
Introduction
Strategy development tools in a business scenario help in the consideration of the
potential external as well as the internal factors of the organization and thereby mapping out the
various approaches that might be necessary in order to deal with the impacts of these factors.
There are many strategic development tools that might help in ensuring the appropriateness of
the strategic implementations and that the consequent plans can be set to roll in action. The
following essay deals in the discussion of three such tools that help in the development and the
implementations of the various strategies that might help in bringing about an overall growth in
the concerned organizations.
Body
The PESTEL analysis is one of the strategic developmental tools that might be used to
analyzed the various macro-environmental elements that might affect the business organizations.
The PESTEL is an acronym for the various factors that are taken into consideration while
implementing this strategic tool in the matters that pertain to the various functions of any
business organization. The six factors that are analyzed in the PESTEL analyses are the Political
factors, the Economic factors, the Social factors, the Technological factors, the Environmental
factors and the Legal factors that tend to affect the concerned business organization (Sohel,
Rahman and Uddin 2014). The political factors majorly highlight the governmental intervention
in the economy and might include the various governmental policies of the state wherein the
organization is located, the political stability that is existent in the various global markets of the
concerned industry. The economic factors that impact the organization might include the
economic growth of the concern, the rates of the inflation, interests earned and the exchange
rates that might have an impact of the society (Barkauskas, Barkauskienė and Jasinskas 2015).
The social factors affecting a business refers to the attitudes and the shared interests that are
displayed by the concerned organization. The technological factors that impact the organization
are the various new ways that are used in the production and the distribution of the goods and the
services that are offered by the concerned company (Ho 2014). The technological factors might
also include the various ways that are used for establishing the communication with the target
clients of the concerned company. The environmental factors that influence the business
organizations refer to the scarcity that the concerned company might face in terms of the raw