In this paper there are four development tools on which discussion will be made. The four tools are Swot anlaysis, Pestle analysis, Porter five forces and Resource based view.
This is one of the important tools that focus on analyzing the external environment of the organization. It can be evaluated that this tool is taken into consideration by the managers so that guidance can be given in an effective manner. In this analysis there are five factors like threat of entrants, power of suppliers, power of buyers, threat of substitute and rivalry against competitors (Jarzabkowski and Kaplan, 2015).
(Source: Porter five force analysis, 2018)
Threat of new entrants
It has been seen that there are many companies who enter into the market and create threat for the companies that exist in the market. By considering Tesco it has been seen that threat of entrants is high. There are many companies who are offering similar types of products in the market.
Power of suppliers
It has been evaluated that when focus is given on the power of suppliers then it can be analyzed that it is low as the number of suppliers are many in the market.
Power of buyers
The power of buyer is high as compared to other buyer who purchases the similar products from any store. The customers can also purchase products and services form any store or outlet.
Threat of substitute
The rate of substitution is high as there are various suppliers who are providing similar types of products in the market. The customers have large choice to select the products and services.
Industry rivalry
The competition is high in the market. There are many competitors who are present in the market like marks and spencer. It is important for the company to consider innovative idea so that competition level can be minimized.
This is also one of the important development tools that help to analyze the overall condition of the market. In this analysis there are various factors like political, economic, social, technological, legal and environmental factor. This tool gives assistance to analyze the business in context to economic and social growth. The focus is given on this tool so that market conditions can be analyzed by the managers of the company (Austin, Bentkover and Chait, 2016).
Through market conditions it has been seen that products can be promoted in the market. It also focuses on evaluating the actual position and tries to increase the knowledge of the company. This tool assists to minimize the threats and emphasizes on considering effective strategies so that growth can be achieved. Also through this it can be simple to understand the target market and focus on the age and overall population growth.
The company is considered as one of the biggest company in the food sector and it is essential to focus on considering rules and regulations which are given by government. Under legal factors the rules and regulations which are imposed are considered. In economic factor the focus is given on the consumption pattern and also on innovation of the products so that it can be simple to grab the market share. In technological factor the focus is given on considering the technologies which are latest in the market so hat overall productivity level can be enhanced. In social factor, taste and preference of the customers is analyzed. The company also tries to maintain safe environment by considering ecofriendly products that will not affect the environment. To safeguard the environment is the responsibility of the company as it also helps to maintain the image in the market (Rothaermel, 2016).
Through this development tool it can be simple to evaluate the strength, weakness, and threats opportunities of the company. With the help of this tool the internal evaluation is done of the company. This tool is considered by the managers by the managers so that proper strategies can be implemented at the time of conducting the operations in the workplace. One of the factors of the analysis is strength in which it has a connection with the overall marketing mix and also large market share can be grabbed easily. Under weakness the drawbacks of the company are mentioned like ineffective distribution channel. The threat is from the competitors who are prevailing in the market. Opportunities are present with the company to expand the entire activities of the company (Brooks, Heffner and Henderson, 2014).
It can be seen that strength of the company is related with the brand image of the company. The company has maintained its goodwill in the market. Weakness in context to the company is related with innovation and also lack of economies of scale. The threat which is faced by Tesla relates to the laws which are implemented at the time of sale and also loss of subsidiaries. It has been seen that it is the responsibility of the company to grab the opportunity prevailing in the market. So company can easily focus on expanding its market share by analyzing the competition level in the market. Through this company can easily earn profits and enhance its overall market share (Bull et al., 2016).
This is also considered as one of the development tool that can assist in gaining competitive advantage of the company. This tool is considered by the managers so that resources can be utilized in a proper manner. In this internal resources of the organization are considered like assets, capabilities and potential. It is important for the company to consider this so that it can be easy to grow in the market.
The overall performance of the company can be maintained with the help of this tool. If company emphasizes on considering this tool then it can be simple to achieve competitive advantage. This tool focuses on tangible and intangible resources on which focus is given so that it can be simple to achieve overall objectives. This also focuses on generating the customer’s value and also proper link is maintained with strategic resources so that growth can be attained in the market (Kozlenkova, Samaha and Palmatier, 2014).
It has been analyzed that to achieve growth in the competitive market the company should emphasize on maintaining competitive advantage. The demand of the products can be increased by considering good quality and differentiation. The company has also increased the level of satisfaction in relations to the products offered in the market.
It has been seen that through this concept, the organization tries to focus on maintaining the prices so that demand of the products can be increased. The main emphasis is on considering the latest technologies so that consumers can be induced to purchase the products. It has been seen that competition level of the organization should emphasize on maintaining the quality and to compete with the popular brands like BMW so that it can be easy to accomplish and objectives in an effective manner. It has been seen that through this the company will be able to maintain their image in the market and can compete with the competitors prevailing in the market.
Conclusion
So, it has been concluded that development tools are important to be considered so that companies can easily operate their entire activities in a proper manner.
References
Austin, J., Bentkover, J. and Chait, L., 2016. Tools for Transformational Strategic Planning. In Leading Strategic Change in an Era of Healthcare Transformation (pp. 47-70). Springer, Cham.
Brooks, G., Heffner, A. and Henderson, D., 2014. A SWOT analysis of competitive knowledge from social media for a small start-up business. The Review of Business Information Systems (Online), 18(1), p.23.
Bull, J.W., Jobstvogt, N., Böhnke-Henrichs, A., Mascarenhas, A., Sitas, N., Baulcomb, C., Lambini, C.K., Rawlins, M., Baral, H., Zähringer, J. and Carter-Silk, E., 2016. Strengths, Weaknesses, Opportunities and Threats: A SWOT analysis of the ecosystem services framework. Ecosystem services, 17, pp.99-111.
Jarzabkowski, P. and Kaplan, S., 2015. Strategy tools?in?use: A framework for understanding “technologies of rationality” in practice. Strategic Management Journal, 36(4), pp.537-558.
Kozlenkova, I.V., Samaha, S.A. and Palmatier, R.W., 2014. Resource-based theory in marketing. Journal of the Academy of Marketing Science, 42(1), pp.1-21.
Porter five force analysis., 2018. edrawsoft. [Online]. Available at: https://www.edrawsoft.com/five-forces-chart.php.[Accessed on 15 aug , 2018].
Rothaermel, F.T., 2016. Competitive advantage in technology intensive industries. In Technological innovation: Generating economic results (pp. 233-256). Emerald Group Publishing Limited.
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