Important tools used by the business

Running head: Tools
Competitive strategy

Tools
“Important tools used by the business”
There are important tools that are considered by the organization to solve the complex
issues and also to control the overall operations. The paper will focus on the
development strategy tools that assist the company in attaining growth. In relation to
these tools, it can be examined that growth and profits can be maximized in a highly
competitive market.
SWOT ANALYSIS is the tool that is used by the management to make accurate
strategic plans. Different factors will be examined with this tool that will boost the
success ratio of the companies. It helps the companies to compete with the other
competitors who are operating similar nature of work in the market (Gürel and Tat,
2017). By focusing on the SWOT analysis tool it can be investigated that the managers
of the company can determine the next move that will help in attaining more benefits in
the market. This tool also maintains the high degree of control on the problems and
opportunities that are faced by the company. So, it can be stated that this is one of the
famous tools that is used by small and large companies for controlling operational work
(Bull et al., 2016).
(SOURCE: Ceta, 2019).
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Tools
Practical Example: WALMART
Strength
1. The Largest leader in the retail sector
2. High international presence
3. Large organizational size
4. Global supply chain
(Source: Strategic management insights, 2019).
Weakness
1. Less profit margins
2. The business model can be easily copied
3. Competitive disadvantage in relation to high end sellers
Opportunities
1. Expand in the developing countries
2. Can focuses on human resource practice
3. Improve quality standards
Threats
1. Healthy lifestyle trend
2. High competition in market
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