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Competitive Strategy in Business

   

Added on  2021-02-20

8 Pages2403 Words31 Views
Competitive Strategy
Competitive Strategy in Business_1
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...............................................................................................................................11) Analyzing The External Environment- PESTEL& 5 porter forces.........................................12.business Strategy - SWOT.......................................................................................................33.Competitive dynamics..............................................................................................................4CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
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INTRODUCTIONIn recent times it is important for business to develop effective strategies in such a competitiveenvironment. This is because it helps in sustaining for long term in the market and expandinginto other countries (Bayo-Moriones and et.al., 2016). The strategic tools enable in analysingmarket condition. Moreover, it is useful in finding out factors that impact on business. Tesco isthe major brand retail serving a million of customers every week and turns to most profitableorganizational chain in world. This report will describe about 3 business development tools.Also, it will discuss how these tools are used by business and support in developing strategy. MAIN BODY1) Analyzing The External Environment- PESTEL& 5 porter forcesEvery business growth depends on strategies that are developed and implemented. Instrategy there are many elements included. It defines short and long term goals, process,resources, etc. that are required in order to implement strategy. The strategies provide directionin growth of business. By identifying the factors appropriate measures are taken so in future itsimpact can be minimized. Therefore, different tools and techniques are available for this. Thevarious strategic development tools are as follows :- PESTEL- It is a tool which is used to evaluate and monitor external factors that directly impact onorganizational performance (PESTEL analysis, 2016). Basically, this tool is used when acompany wants to enter in foreign market. With help of it they are able to analyse what factorsare impacting them. Political – It includes all factors related to government and how they can impact onparticular industry. Here, all factors are classified like tax policy, government stability, tradepolicy, etc. These all enables business to analyse political situation of country before enteringinto that country. Thus, it becomes easy to develop strategy accordingly. Tesco plays animportant role in developing employment opportunities as it bring increase in demand of theirproducts and have diversification in the work force (Pehrsson, 2017).Economic – It includes all economic factors which determine country economic situation.The factors include currency, foreign exchange rate, GDP, etc. Thus, any change in these canhave a long term effect company growth as price of products and services. So, by analyze allcompany is able to identify their potential economic growth in that nation. As the company1
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