Although external factors are outside of a business’ control, it is still important for them to consider political, economic, social, technological, legal and environmental/ethical factors. This video explores the PESTLE analysis and how it can be a helpful tool for business. Through real case studies, students will understand how PESTLE can be applied in practice and its usefulness in strategic decision-making.
In business, a thorough understanding of an organisation's strengths, weaknesses, opportunities and threats in both internal and external environments is crucial. This video introduces the SWOT analysis and how it can be a helpful evaluative tool for businesses. Through real-life examples, students will see how a SWOT analysis can be applied in practice and why it is beneficial for strategic planning.
A competitive advantage is highly valuable in business and choosing between a cost/differentiation or leadership/focus strategy can be a way of achieving this. This video introduces Porter’s Generic Strategies and how they are helpful for evaluating business strategy. Using real-life case studies, students will learn how different businesses implement different strategies and the effect this has on their position within their industries.