Strategic business planning
involes two types of analysis of an organisation.SWOT analysis check internal factors and
PEST analysis identify external factors.
SWOT Analysis
Strengths – Find out the existing strengths and
competitive advantages of organisation.
Weaknesses – identify existing weaknesses in functional
areas.
Opportunities – Estimate the opportunities and growth
potential in the target market.
Threats – Calculate prevailing threats to the business growth.
PEST Analysis
Political: Identify the impact of local, national and
international political conditions.Stability of a government,regulatory framework and taxation are part of political factors.
Economic: Changes in Economic and industry growth rate might
affect the company’s future.Some major economic factors are Annual Budget ,Inflation, stability of rupee , Export and import policies and purchasing power of the public.
Social: Social factors include age,sex,education, standard of living, culture etc.These factor determine consumer trends and
business environment.
Technological: World is fastly changing with technology innovation in the field of communication and business process.A
company must avoid outdated technology with a focus on research and development.
Analysis of a business planning involves some turnkey analysis factor to identify external factor. In universities we have seen too many challenges comes but in the end we take the right path to complete. Like this our business goal is full of strengths, opportunities.
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