You enter your project team meeting with Mike and Tiffany to hear them discussing the tools that they found to conduct an analysis of the industry and competitors. “Mike, there are so many more tools than I even realized to give us some good data,” Tiffany states.

“I know,” Mike says. “That’s why I wanted to take some time to look at our options and figure out what information we really need to support the board’s decision.”

Mike and Tiffany both found some great tools from their research on the subject. Complete the following:

• Based on your classmates’ discussion posts for Week 2, do you still believe the tools that you selected will work best for a global strategy? Why or why not?
• What evidence do you have to support your decision?
• How would you refute the people who chose an additional tool rather than one of the tools that you selected?
• Based on the tools that you selected, provide a brief analysis of your market, using those tools.

Jarod Jones

Unit 2 DB

MGMT690-1701B-01

02/24/2017

What are the best tools to use in this situation?

I think when a company is thinking about moving their business into another country, it should be a requirement that they do some sort of formal analysis in regards to come up with some type of global plan. For this scenario we have been tasked with to discover what tools would be effective in providing a broad analysis of the industry that we would be working for and our competitors. Based on my research of the different tools that are available I would think the best ones for use would be the SWOT analysis, PESTEL analysis. These tools are the most popular tools that are in use in today’s marketing plans when companies are analyzing the possibilities of the global market of different countries. 

Brief Summary of these tools

PESTEL Analysis

            PESTEL analysis is method used by an organization to recognize the exterior aspects within their surroundings that could have an impression on the company processes (“PESTEL ANALYSIS”).  A Harvard Professors named Francis Aguliar created this strategic tool in his 1967 book called “Scanning the Business” where he first referred to this scanning tool as ETPS (“PESTEL analysis: Identifying big picture opportunities and threats”).  Political, Economic, Social, Technological, Environment and Legal are what PESTEL stand for.  The political factor will deliver information about labor laws, consumer’s protection laws, taxations regulations, health and safety regulations, environmental regulations and trade restrictions or reforms.  An economical factor for PESTEL would refer to any possible changes to an economy of the selected country such as inflation rate, taxes interest rates, exchange rate and trading regulations. 

As for the social influence it would contemplate about the countries inhabitants, demographic, distribution of wealth and any modifications in the lifestyles or tendencies. Technological factors can be split into manufacture and infrastructure which can allow an organization to gain a strong competitive advantage (“PETLE ANALYSIS”).   The legal factor of PESTLE would include any patent infringement or other laws that protects entry of illegal products and services of business.  Last would be environmental factor that pertains to cyclical weather, disposal of waste and material, and energy availability. 

SWOT Analysis

            SWOT analysis is a technique that an organization can conduct on each of its products, services and markets when deciding the best path for achieving future growth within your business industry (“SWOT analysis”).  SWOT gives you a better understanding of your organization strengthens and weakness and helps identify any opportunity that is open for growth as well as potential threat toward the success of an organization (“SWOT analysis: Discover new opportunities, manage and eliminate threats”).  Originated by Albert S. Humphrey in 1960 SWOT can be divided into internal and external analysis.  Strength and Weakness often pertains to the internal factor of a business while opportunities and threats generally focused on the external factor of a business environment (“SWOT analysis: Discover new opportunities, manage and eliminate threats”).

            When a business looks at their strengths it should show some positive suggestions which include noticeable assets such as accessible capitol, equipment, credit, and loyal customers.  With regards to weakness business need to reflect on the distinguishing of their product or service that demonstrates to be harmful to the present or future growth of the company (“SWOT analysis”).  Therefore, not every factor that is identifies as a weakness but maybe just involve simple investment or even a restricting of a project plan.  Opportunities are a useful approach when trying to determining the external factors of a business.  The final part of SWOT process is threats, which can pertain to events that is beyond a business control, however even though there is not control a business should considers creating a contingency plan to aid them in difficult times (“SWOT analysis”). 

Why are these the best way to analyze the market

            I consider these tools are the best ways for which our business can analyze the furniture industry because PESTEL and SWOT analyze tools are often accompanying together because they cover diverse regions of focus (“PESTEL analysis: Identifying big picture opportunities and threats”).  By exhausting these analysis tools our business can discover all characteristics of the furniture market so to get an enhanced representation of in what way and at what time it is best to go global. 

How will you use these tools in your plan?

            We possibly will use these tools in a strategy once there has been a in-depth inquiry on what the market has to bargain a business for whichever fresh entry or remaining product.  Additionally SWOT and PESTLE would be exploited according to the marketing circumstances such as the accessibility of the competitor and our objective spectator’s likings.   

References

PESTLE ANALYSIS. Retrieved May 26, 2016, from Free management ebooks, http://www.free-management-ebooks.com/dldebk-pdf/fme-pestle-analysis.pdf

PEST analysis: Identifying big picture opportunities and threats. Retrieved May 26, 2016, from Mind Tools, https://www.mindtools.com/pages/article/newTMC_09.htm

SWOT analysis. Retrieved May 26, 2016, from Free Management Ebooks, http://www.free-management-ebooks.com/dldebk-pdf/fme-swot-analysis.pdf

SWOT analysis: Discover new opportunities, manage and eliminate threats. Retrieved May 26, 2016, from Mind Tools, https://www.mindtools.com/pages/article/newTMC_05.htm

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