Know the Difference & Choose the Best Between SWOT & PEST Analysis
Assigned with the task of writing an international business strategy assignment?
Want to fetch A+ grade?
If yes, then you need to apply an appropriate strategy as the professionals do.
Well, do not scratch your head and bite your nails. All you need to do is understand the given case study and analyze its factors well. After that, you can write a perfect assignment. So, to provide you with the best international business strategy assignment help, here are the two most popular methods used by businessmen to plan a better future.
Want to know what are they?
‘SWOT & PEST Analysis’, just know about these methods and select the best for your assignment.
With the help of this analysis, you can assess the enterprise’s strength and overcome its weakness as well. After that, you can use the opportunities to sort out the threats. SWOT is very useful for strategic planning and is termed as a powerful tool for accessing the relative position of the company.
The strength is a resource or a capacity that you can use to achieve the project’s objective. To identify the strength well, analyze the following questions:
Ques 1 - What are the advantages of the current situation?
Ques 2 - What other people consider as our strength?
Ques 3 - What you can do well to achieve the objective?
By analyzing all these questions you can easily identify and mention the organization’s strength in your international business strategy assignment.
A weakness is a fault, limitation, or defect in a product and service that can be the major reason for your failure. So, it’s better to identify the weakness by asking the following questions:
Ques 1 - What should be avoided?
Ques 2 - What should be improved?
Ques 3 - What are the things that we do badly?
This point mainly implies what the company lacks and unable to achieve. So, by finding the solution to the above-mentioned questions, you can identify the weakness of the organization.
It is an external factor that is directly related to the external environment. Using this factor, a company can gain a lot of profit if they plan their moves smartly. So, while writing this section, you can highlight the main points in your assignment. By identifying the opportunities, you can make your assignment more effective.
It is a kind of danger in the organization’s environment and project. To identify the threats you need to look at the obstacles faced and the initiative taken by the competitor. Apart from this, you also need to look at the changing demands, trends, technology, and requirements of the products and services. This is how you can easily know about the threats of the organization and easily mention them in your international business strategy assignment writing task.
By implementing SWOT analysis, you can identify the positive and negative aspects of the organization and then research it. Doing so will not only help you evaluate the current state but also helps in taking countermeasures to overcome the obstacles.
The majority of the students use SWOT analysis to identify the internal issues of the given case study, but if you want to use the external issues, then you can use the PESTLE analysis. It is a structured review of the external environment and is used as an input into strategic decision making. You can also use it as a tool to gain a micro-picture of the organization’s environment.
This method is used as an alternative to SWOT analysis.
It is an external factor that influences the business environment. Using this factor, you can identify the weight and opening that is brought by a political establishment. It is one of the important factors that need to be managed to overcome uncertainty. Other political factors are:
- International trade directive
- Government institute
- Environmental directive
- Employment Law
- Competition directive
- Consumer fortification
These are some of the factors that you need to take care of while writing the assignment.
It is the most important factor as it impacts the business in the long run. Before doing the planning and implementing this factor, you need to keep the following points in mind. They are:
- Economic growth
- Monetary strategy
- Government expenses
- Exchange tariffs
- Stage of the business sequence
By analyzing these points, you can identify the economical factor of the case study you are working on. After that, you can easily mention it in your assignment.
This factor is used to examine the social condition of the market and measure the determinants like socioeconomic, social patterns, examination, etc. Using this factor, you can assess the market and improve the quality of the product and services accordingly. This is the best factor that can help you identify the current condition and then you can easily work on it and make your assignment perfect.
In this factor, you need to analyze the technology trends in the business environment. It is mainly related to the advancement in innovations that influences the operations of the businesses and the market positively. The following are the things that come under the technological factor:
- Government expenses on research
- Impact of changes in information technology
- Discoveries and expansion
- Speed of technology convey
- Rates of technological obsolescence
- Energy utilization and costs
By looking at these points, you can easily identify the technological aspect of the company. All you need is in-depth research.
So, the difference between both methods is cleared to you. So, it's up to you which method you will use for doing an evaluation. Some businesses conduct the SWOT and some PEST. According to the international business strategy assignment help providers, using SWOT analysis is the best idea as it focuses on both the internal and external factors; and if you use PEST analysis, then you can only focus on the external factor. Now, the decision is all yours.