Tools of Strategy Development: PESTEL, Porter’s Five Forces and SWOT
VerifiedAI Summary
This essay explains the key tools of strategy development and their application in business. It primarily focuses on PESTEL, Porter’s Five Forces and SWOT analysis. The PESTEL framework is used for identifying the external forces of the organization. Porter’s Five Forces model is used for analyzing industry structure of the company along with the corporate strategy. SWOT analysis is used for the evaluation of the competitive position of the company and along with development of strategic planning. The essay also portrays how these tools help in creating competitive advantage and guiding the business strategy towards increasing the competitive advantage.
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