Competitive Strategy: Assignment
Added on -2020-12-09
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Competitive Strategy
INTRODUCTIONCompetitive strategy are used by every business in order to gain high competitiveadvantage. Report also describe four competitive strategy and their importance in a business sothat they achieve their defined target in prescribe time. Report further help to determine thevarious environment strategy which may affect the environment of a business in adverse way.The report further describe PESTLE, SWOT, Porter generic strategy, Five force model.1
MAIN BODYPESTLE AnalysisIt is a competitive tool that is used to determine the external macro environment. It is apart of an external analysis and help to doing market research and also provides an overview ofdifferent types of macro environmental factors that are taken into account while doing research.Further, PESTLE is a strategic tool that is also used to understand the market growth/ decline,position of the business and some directions of operations. It is further consisted of some factorswhich are mentioned below:Political factor: This factor describe the extent up to which a government influence theeconomy. This further includes some tax policies, Fiscal policy and trade tariff that affect thecompany's financial performance and buying power of customers. Economic Factor: This factor helps to determine that how the economy of the countryaffect the company's financial performance. Such as rise in inflation rate is directly affect thecompany's prices and purchasing power of the customers too. This factors further includesforeign exchange rates, inflation rates etc (Racz and et.al., 2018).Social Factor: It determines the social environment of the market such as cultural trends,demographics and ageing population. As a result, high trend in social factor also affect thedemands of the products and then company's have to change the management strategies in orderto adopt some social trends. Technological factor: IT helps to determine the innovation in technology that also affectthe operations in positive way. This factor also refers to automation and R&D and how they areaware related to technological change. Legal factor: This factor states that company have to follow all rules and regulation inorder to sustain their brand image (Shtal and et.al., 2018). There are certain law that also affectthe business environment in a country and it is essential for a firm to comply with.Environmental Factor: This includes weather, climate that affect the industry. Hence, itis necessary for a firm to grow the awareness of the potential impact and to follow thesustainability law and keep making strategy that help to overcome the factors that influence thesurrounding environment.2
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