Explore the six PESTEL external factors: political, economic, sociocultural, technological, ecological, and legal.
ASSIGNMENT OBJECTIVES
Acquire skills in conducting strategy, developing strategic options, analyzing action alternatives, making strategic decisions, and effective policy and strategy implementation.
Develop the ability to manage the organizational process by which policies and strategies are formed.
Understand strategic planning terminology, concepts, theories, and models.
Primary Response: Within the Discussion Board area, write 300–500 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
For this Discussion Board, please complete the following:
An external analysis of a company is another indicator for making strategic decisions. External factors are the general environment of an industry that strategic leaders most likely will not be able to influence. There are six external factors for a PESTEL analysis that influence all firms in a given industry. The PESTEL model groups these segments as: political, economic, sociocultural, technological, ecological, and legal.
Review the following article:
Explore the six PESTEL external factors: political, economic, sociocultural, technological, ecological, and legal.
Choose one industry (automotive, hospitality, manufacturing, high tech, etc.) and discuss the following with your peers:
- Examine one of the six PESTEL factors in relation to your chosen industry. In your opinion, why do you believe this PESTEL factor is the most important to your chosen industry?
- Describe one advantage and disadvantage of the PESTEL analysis for strategic planning.
- If you were a manager in a global organization, how would you use the technological factor of innovation to gain a competitive advantage?
APA
Answer preview:
Get instant access to the full solution from www.essaycounter.com by clicking the purchase button below.
words limit:469 words