Essay
Unit 1 Exploring Business Assessment 2 DISTINCTION 2021
- Course
- Institution
- Book
Unit 1 Exploring Business Assessment 2 DISTINCTION 2021
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Business Level 3 Exam Unit 6 - Principles of Management Full Exam Report Local Gym Plc
-
Summary BTEC Level 3 Unit 6 - Principles of Management- Report and presentation structure guide
-
Unit 7- Business + Decision + Making summary and complete notes
Seller
Follow
danielacaprari
Reviews received
Content preview
Costco Wholesale is a multibillion-dollar multinational supermarket that operates discount clubs in eightcountries. They are the industry's acknowledged pioneer, committed to excellence in all aspects of our
market, and well-known for their impeccable business ethics. Despite their enormous scale and rapid
international growth, they aim to foster a family environment where their workers can excel and prosper.
They are honoured to be named one of the top three businesses to work for in Washington by Washington
CEO Magazine.
P4 - Examine an organisation's internal, external, and strategic environments.
PESTLE
The PESTEL model entails gathering and presenting data on external factors that have or will affect a
company's operations. It is an examination on external environment's political, economic, social, and
technological factors that may influence its activities and results. Companies are affected by a variety of
external influences, all of which have an influence. When and why, they will succeed is determined using the
PESTLE Analysis.
PESTLE Explanation
Political As an alternative tariff, import controls, and tax
regimes.
Economical As an illustration interest rates, economic growth,
and inflation rate are all terms that are used to
describe the state of the economy.
Social As an example, age distribution, language,
schooling, and demographic trends are all factors to
consider.
Technological Research and progress, for example, or engineering
advancement.
Legal For example, consumer health and safety, laws and
regulations.
Environmental Recycling, rules, environmental conservation, and
waste management are only a few examples.
Organisations may obtain insight into the external forces that can affect their policy and management
decisions by analysing those factors. It enables HR and senior management to assess the risks unique to
their sector and organisation and use the information to make decisions.
,The word PESTLE has been thrown around a lot in the last ten years or so, and its true origins are difficult to
trace. ETPS, STEP, PEST, and STEEPLE are some of the other acronyms that have been used (where the extra
E stands for Ethical).
In the United Kingdom, PESTLE is a common subject in HR, learning and growth, organisational
development, and marketing courses since it emphasises the importance of understanding the effect of
external influences on a variety of change plans. It may also reveal the possibility of increased costs and
prompt additional analysis to be factored into prospective planning.
This diagram represents the most factors that each letter of PESTLE represents and external factors that can
affect the business in different ways.
Going of and preparing the procedure can be the first step in doing a PESTLE study. This entails taking the
following steps:
o Determine the research's scale. It can address current and potential future situations, as well as the
geographic regions in which the company resides.
o Decide who will gather the data and how it will be done. When more than one person gathers data,
the information is usually richer.
o Determine the best sources of intelligence. Stakeholders search for people experts to fix particular
problems or existing practises that need to be updated may be among them.
o Collect the data – using a blueprint as a starting point for capturing the data is a good idea. Please
see the template below for a realistic, ready-to-use example.
o Analyse the information you've gathered.
o Determine which of the above causes is the most critical or likely to cause problems.
o As seen in the example template, identify the business-specific solutions for addressing the
problems.
o Prepare a briefing paper for the those involved.
o Stakeholders and decision-makers should be informed of the results.
o Determine what decisions should be taken and which developments should be monitored on a
regular basis.
A PESTLE analysis must be performed on a daily or ongoing basis to be successful. Organisations that
perform such research on a frequent and comprehensive basis frequently spot patterns before others,
giving them a competitive edge.
, SWOT
A SWOT review is a strategy method that aims to determine the project's or organisation's Strengths, Weaknesses,
Opportunities, and Threats. It's a mechanism for aligning an organisation's priorities, programmes, and capabilities
with the operating environment.
The four aspects of SWOT and the method of doing an analysis are covered in this factsheet. It includes instructions
for performing the analysis as well as a SWOT analysis template. The factsheet begins by discussing situations in which
a SWOT study is most useful, as well as its benefits and drawbacks.
SWOT's benefit comes mostly from the fact that it allows managers to self-assess. The technique has the benefit of
being able to be used as a 'fast and dirty' tool as well as a detailed management tool, and the former (quick) will
contribute to the latter (comprehensive) (the comprehensive). One of the reasons that has led to its performance is its
versatility.
Although the components which seem to be deceptively quick and straightforward to implement, experience has
shown that doing a SWOT study that is both accurate and meaningful takes time and a considerable number of
resources. Identifying an organisation's strengths and vulnerabilities, as well as determining the effect and likelihood
of prospects and risks, is much more difficult than it seems. It necessitates a collaborative effort and cannot be
accomplished by a single individual.
Furthermore, the inherent risk of making inaccurate decisions while evaluating the SWOT elements will lead senior
management to procrastinate while choosing between different strategic options, resulting in inconvenient delays.
A SWOT analysis provides data that can be used to adapt a company's or organisation's priorities, programmes, and
capabilities to the world in which they work. The ‘SWOT' is just a data collection exercise; the interpretation will come
later.
Strengths: positive tangible and intangible characteristics that are internal to an organisation and within its
management
Weaknesses: internal influences beyond an organisation's control that limit the organisation's ability to achieve its
desired target. Whatever aspects of the organisation should be improved?
Opportunities: externally appealing factors that serve as the basis for an organisation's existence and development.
What openings do you see in the world that will help your company grow? Their 'time periods' may be used to
identify them.
Threats: external circumstances outside the influence of the organisation that could jeopardise the organisation's
purpose or operations. If they arise, the organisation will profit from having contingency plans in place to deal with
them. Sort them into categories based on their magnitude and likelihood of occurrence.
A SWOT analysis may be used for a variety of purposes, including:
o Workshops will be held.
o Coming up with new thoughts and strategies.
o Solving problems is a skill.
o Have a plan.
o Planning for the future (with PESTLE).
o Evaluation of a product.
o Evaluation of competitors (using Porter's five forces).
o Creating a personal growth roadmap.
In a team meeting, for example, using SWOT could entail the following steps:
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller danielacaprari. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $38.77. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
66579 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now