Competitive Strategies for Social and Technological Factors

Question: Discuss about theCompetitive Strategies for Social and Technological Factors. Answer: Introduction Strategy development tools in a business scenario help in the consideration of the potential external as well as the internal factors of the organization and thereby mapping out the various approaches that might be necessary in order to deal with the impacts of these factors. There are many strategic development tools that might help in ensuring the appropriateness of the strategic implementations and that the consequent plans can be set to roll in action. The following essay deals in the discussion of three such tools that help in the development and the implementations of the various strategies that might help in bringing about an overall growth in the concerned organizations. Body The PESTEL analysis is one of the strategic developmental tools that might be used to analyzed the various macro-environmental elements that might affect the business organizations. The PESTEL is an acronym for the various factors that are taken into consideration while implementing this strategic tool in the matters that pertain to the various functions of any business organization. The six factors that are analyzed in the PESTEL analyses are the Political factors, the Economic factors, the Social factors, the Technological factors, the Environmental factors and the Legal factors that tend to affect the concerned business organization (Sohel, Rahman and Uddin 2014). The political factors majorly highlight the governmental intervention in the economy and might include the various governmental policies of the state wherein the organization is located, the political stability that is existent in the various global markets of the concerned industry. The economic factors that impact the organization might include the economic growth of the concern, the rates of the inflation, interests earned and the exchange rates that might have an impact of the society (Barkauskas, Barkauskien? and Jasinskas 2015). The social factors affecting a business refers to the attitudes and the shared interests that are displayed by the concerned organization. The technological factors that impact the organization are the various new ways that are used in the production and the distribution of the goods and the services that are offered by the concerned company (Ho 2014). The technological factors might also include the various ways that are used for establishing the communication with the target clients of the concerned company. The environmental factors that influence the business organizations refer to the scarcity that the concerned company might face in terms of the raw materials that are needed, the factors that pertain to the ethics and the sustainability that is expected of the o rganization and the footprint targets that are set by the government. The legal factors that influence the company might include the health and the safety measures that are maintained by the company, the equality in the opportunities that the company might extend to the employees, the standards that are maintained by the company in the advertising matters, the laws and the rights that the company maintains for the concerned clients of the company. The results of the PESTEL analyses are further used in the identification of the various strengths and the weaknesses of the concerned organization and thus helps in conducting the SWOT Analysis of the company. The SWOT analysis is another strategic development tool that is used by the various companies in order to make an analysis of the micro-environmental factors that might affect the concerned organization. SWOT is an acronym for the Strengths, the Weaknesses, the Opportunities and the Threats that might be faced by the concerned company (Hill, Jones and Schilling 2014). The analysis aims to identify and prioritize the various strengths, weaknesses, opportunities and the threats that might be faced by the company in the future. The identification of the strengths of the organization might relate to the various factors that might assist the growth of the company, the opportunities deals with the areas that might help the organization in the further growth (Bull et al. 2016). The w eaknesses of an organization point at the factors that need to be looked into by the concerned management of the organization. The threats of the organization refer to the points of the organization that might pose to be a hindrance in the overall growth of the organization (Pai et al. 2013). The SWOT analysis helps the concerned management of the organization to identify the areas that might help the concerned business organization to experience a positive growth and the areas that need to be attended to in order to avoid the deterioration of the company in the concerned matters. The other major strategic development and planning tool that might be used by the concerned organizations is the five forces model of strategic planning. This model also known as the Porters five forces model of strategic planning was introduced by Michael Porter in the year 1980. This model of strategic planning was first brought up in the book titled Competitive Strategy and deals with the five critical forces that might have an impact on the strategic planning of the concerned organization (Dobbs 2014). These factors generally include the rivalry that exists in the concerned industry, the bargaining powers of the buyers, the bargaining power of the suppliers, the threats of the new companies that aim to enter the concerned industry and the threats that are posed by the various competitive services and products that have already been existent within the concerned market wherein the company has been operating (Mathooko and Ogutu 2015). The five forces analysis helps the concerned co mpany to have an overview on the matters that the company might face in the future in the matters that pertain to the conditions that have been existent in the concerned industry and thus might help the concerned management of the company to plan the strategies accordingly. Conclusion In lieu of the above discussion, it might be said that the strategic development tools might be very helpful in the matters that pertain to the formulation and the implementation of the various strategies that are necessary to foster a positive growth of the concerned organization in the concerned market. Thus, it might safely be concluded that the strategic development tools that have been discussed above might help in the determination of the strategies that might be needed in order to assist and ensure the overall growth of the organization. References Barkauskas, V., Barkauskien?, K. and Jasinskas, E., 2015. Analysis of macro environmental factors influencing the development of rural tourism: Lithuanian case.Procedia-Social and Behavioral Sciences,213, pp.167-172. Bull, J.W., Jobstvogt, N., Bhnke-Henrichs, A., Mascarenhas, A., Sitas, N., Baulcomb, C., Lambini, C.K., Rawlins, M., Baral, H., Zhringer, J. and Carter-Silk, E., 2016. 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