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HI6006 Competitive Strategy - Holmes Institute

Question: Write an essay explaining what the main strategy development tools are and how they are used in business. Your essay must contain a comprehensive discussion of 3 of the following: PESTEL, Five Forces, Resource-Based View, PROFIT, Input/Output, SWOT Analysis (you may include Cross Impact Analysis), Generic Strategies, Ansoff, Ghemawat, with reference to academic journals and practical examples from industry.

Solution:

Key Strategy Development Tools

Introduction

It is vital for understanding the present business position in the industry. The implementation of models helps in creating generic value and attains a competitive advantage. These are strategy development tools used by an organization for analyzing present conditions in the market. It helps in providing a stable platform by creating proper strategies for the company. This is essential for creating several variables present in the market and forms the right strategies in the future. It helps in framing the right strategies and implements the right actions. The application of the right models helps in creating the right tactics and evaluates the needs of customers. It provides a sustainable advantage and achieves the desired objectives of the business. The analysis of proper marketing strategies is essential for measuring the key objectives of an organization in the market. This study provides an in-depth analysis of the implementation of SWOT analysis, PESTEL analysis, and porters' five forces model. It is vital for creating proper strategies and achieves long-term goals of the business in the market.

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SWOT analysis

SWOT is a key strategic development tool used for analyzing the present condition of the market. It helps to improve the present condition of the business and minimize risks. This tool is for assessing the long-term goals of a company and creates future opportunities in the market. It is an efficient tool used for creating the proper analysis of opportunities for business (Ansoff et al. 2018). This tool is efficient for distinguishing the objectives of an organization from other competitors. It creates a sustainable advantage and provides superior products. This model helps in reviewing strategies for existing business with other competitors. Ex. The Coca- Cola Company uses the SWOT model for evaluating the current position against other rivals like PepsiCo. This strategic framework is useful for providing valuable insights about taking the right strategies and creating a competitive advantage.

The SWOT model is divided into four divisions for evaluating the present position of a business in the market.

Figure 1: SWOT Analysis

Strengths
It helps to analyze the current advantages of an organization over other competitors in the market. This helps in assessing the right strategies in comparison to other companies. The capabilities of the company help in eliminating any type of weakness and create a positive image among customers. It assists the management of an organization for setting a unique cut down process and implements the right resources (Bagheri, 2016). Ex-Tesco analyses strengths for creating diversified stores and attracting a large number of customers. The implementation of diversified stores helps in providing quality products.

Weakness
This prevents a company from performing normal operations in the market. This identifies proper areas in which business needs to improve current policies for remaining competitive. The presence of an inadequate supply chain and lack of capital are the weakness of the organization.

Opportunities
These external factors provide a competitive advantage for a business. For example, if the government of the country cut car tariffs then a car manufacturer can export new cars in the market. It helps in creating additional sales and increase profit in the market.

Threats
These factors cause potential harm to a company. There are various types of threats present in the market like increasing competition among rivals and un-availability of proper labor. It creates a negative image on the mind of customers.

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PESTEL analysis
This analytical framework used for evaluating and monitoring macro-environmental factors has a direct impact on the performance of the organization. This tool is efficient for businesses to enter into a new market. The implementation of the tool helps in evaluating proper opportunities for new business (Broman and Robert, 2017). It is vital for evaluating the right determinants used for evaluating the current position of a business. Ex- The McDonalds Company uses this tool for entering a new market in a foreign country. It helps in assessing the present position of McDonalds Company against other competitors like KFC in the market. This is useful for creating proper opportunities and evaluates present conditions in the market.

Figure 2: PESTEL Analysis

Political factors
These factors help in evaluating the role of government in the current industry. It helps to provide a strong influence on the role of government in controlling various activities of a company. There are several factors like government policy, corruption, political instability and trade restrictions. These factors have a direct impact on the future of the organization. It provides a direct impact on the entry of the company in the new market.

Economic factors
These factors are important for assessing the economic performance of a company. It provides a direct effect on economic objectives and creates future opportunities. These factors have a direct impact on the purchasing power of consumers and help in changing the existing demands and want of customers (Bryson,2018). It affects the pricing strategy by deciding the right prices of products.

Social factors
There are various dimensions present in the general environment and create the right values and norms for the people. It helps in considering lifestyle attitudes and cultural barriers. These factors are vital for creating possible working conditions for workers.

Technological factors
It provides a direct effect on the operations of an organization. There are various technological factors including improving the research and development process and creating the right innovation policies for the company. Ex- The Coca- Cola Company has introduced new soft drink products like diet coke for attracting a large part of customers. This helps in creating the right opportunities against other soft drink companies like Pepsi co and creates a sustainable advantage.

Environmental factors
These factors are important for focusing on the proper needs of customers. The environmental factors include changes in climate and growing awareness of customers for assessing climatic conditions (Cresswell et al. 2019). It is vital for evaluating proper environmental conditions and creates future opportunities for the organization.

Legal factors
It is vital for assessing the proper legal factors present in the industry. This is necessary for maintaining the proper protection for employees and provide minimum wage in working conditions. It helps in evaluating proper changes and provides the right considerations for the company.

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Porter's Five forces Model
This is a simple framework used for evaluating the competitive position of a business in an environment. It helps in creating a stable strategic framework for analyzing the existing condition of an organization (Manuti et al. 2019). It is a positive analytical tool used for understanding the position of competitors against the company. Ex- The Tesco Company uses a model for analyzing potential opportunities of buyers and develop a long-term relationship with suppliers. It helps in creating a long-term relationship with buyers and retailers present in the market.

Figure 3: Porter's Five Forces Model

Competitive rivalry
It is vital for assessing a number of competitors present in the market for business. This helps in presenting the total number of rivals and provides a competitive advantage. The organization has to adopt unique strategies for reducing existing price strategy and create more demand among customers (Norzailan et al. 2016). It helps in creating a large number of marketing campaigns for attracting a large number of customers.

Supplier power
This is essential for evaluating the overall relationship between suppliers and buyers. The presence of formidable relationships among suppliers and buyers helps in providing unique products or services for customers. It helps in creating a suitable alternative for customers. This is critical for evaluating the need for switching suppliers from one another. This is useful for evaluating the correct profit for business by adopting new alternatives.

Buyer power
This is useful for providing the correct assessment for the driving process of products in the market. It provides a direct impact on the minds of customers by providing the right prices for products (Warner and Sullivan, 2017). Each buyer is important in the market that helps in providing the right products for customers. It is useful for creating proper demands among buyers.

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Threat of substitution
This factor is important for analyzing the level of competition in the market. This is highly applicable in the market for assessing competition between two rival companies. It provides a direct impact on the minds of suppliers and reduces the attractiveness of companies in the market. The increase in the level of competition provides a direct effect on the operations of the business. It helps in evaluating present conditions of organization and asses the level of competition. Ex- There is an intense competition between PepsiCo and Coca-Cola that has a direct effect on the operations. It is useful for analyzing the level of competition and provides the right pricing strategies used by the company.

The threat of new entrants
There is a presence of a large number of entrants in the market. It provides a direct impact on the operations of the organization. The increase in the level of entrants reduces profit share and increase the total number of alternatives in the market. There are various barriers present in the market for an organization. The reduction in profit provides a direct impact on the operations of a company. It reduces total profit share and creates more alternatives in the market. Ex- There is a number of new entrants in the market that has a direct impact on the operations of Coca Cola Company. The presence of new entrants reduce profit and create future opportunities. It is vital for affecting the total operational process of the Coca Cola Company.

Conclusion
It is essential for creating proper strategies for achieving the desired objectives of an organization. The implementation of the right strategic tools helps in creating a competitive advantage and focusing on the needs of customers. These tools help in evaluating the right actions for the company and achieve the desired success in the market. It is essential for analyzing the proper model for improving the present condition of a business. This is a vital parameter for achieving success for a company.

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