HI6006 T1 2020: Competitive Strategy & Key Development Tools Essay

This essay provides a comprehensive analysis of key strategy development tools, focusing on their application within a competitive business environment. The report examines three core frameworks: PESTEL analysis, SWOT analysis, and the Ansoff Matrix. PESTEL analysis is utilized to assess the external macro-environmental factors impacting business decisions, including political, economic, social, technological, legal, and environmental considerations. The SWOT analysis is then used to assess the internal strengths and weaknesses of a business while also identifying external opportunities and threats. The Ansoff Matrix is explored as a tool for strategic marketing and growth, outlining market penetration, product development, market development, and diversification strategies. The report uses McDonald's Corporation as a case study to illustrate the practical application of these strategy tools, providing real-world examples and insights into how these frameworks can be utilized to develop effective competitive strategies and achieve organizational goals. The essay concludes by summarizing the importance of these tools in gaining a competitive advantage.