Free Discussion Example: Using Analytical Tools to Achieve Business Outcomes

The advantage for a business to use SWOTT over SWOT analysis is that the organization adds the evaluation of trends. It is such that the business tracks the surrounding world and acts according to the recent forms (Magalhães & Pereira, 2019). If a business does not understand trends, then there is no way to understand its customers. The business will use trends to satisfy the updated needs of their customers, assess whether customers are likely to buy more or less, and make changes according to the industry.

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There are no other aspects of the environmental analysis that could be important to consider because SWOTT covers all the factors that affect a business and need serious concerns. SWOTT helps to identify both the external and internal elements that can affect the performance of the organization (Navamarat, 2018). The overall analysis entails an assessment of the levels of threats and opportunities that the environment may present. This way, the SWOTT tool is reliable for businesses that seek to know where they stand in the marketplace.

Analytical tools can be used to create value for an organization because they are efficient in answering questions concerning the desires of an organization. The tools are also deployable and workable and the organization recognizes the expected benefits. Using analytical tools appropriately ensures that the organization’s approach is balanced and it follows the necessary steps (Cherunilam, 2016). This way, the business uses the tools to analyze various aspects of the company and provide rational decisions for improvement to better levels. The tools provide the business with structured judgments. Businesses get a clearer picture of the situation and make it possible for the leaders to suggest various strategies for the company’s existence.

It is important to do an in-depth environmental analysis before creating a strategy because the business needs to be aware of various influences such as economic, political, and legal aspects (Cherunilam, 2016). The day-to-day business operations should consider environmental factors such as the economic activity that includes low rates of employment and the state's income levels. The case of inflation and interest rates is also important to consider because such determines the nature of the market and how the business will operate. The business must align its strategies with the response to the environment including the laws of the country, political stability, and general climate. This way, the business grows immensely when they consider the environment.

References

Cherunilam, F. (2016). Business environment. Himalaya Publishing House. http://dln.jaipuria.ac.in:8080/jspui/bitstream/123456789/1528/1/business%20environment.pdf

Magalhães, M., & Pereira, M. (2019). The marketing strategy and implementation of strategic business units: How to choose a methodology of segmentation strategic marketing? http://repositorio.uportu.pt/xmlui/bitstream/handle/11328/2930/The-marketing-strategy-and-implementation-of-strategic-business-units-how-to-choose-a-methodology-of-segmentation-strategic-marketing-23-3-304.pdf?sequence=1&isAllowed=y

Navamarat, P. (2018). Strategies to Decrease Business Failure in Small and Medium-Sized Enterprises. https://scholarworks.waldenu.edu/cgi/viewcontent.cgi?article=7035&context=dissertations