Assignment
Business strategy in the Global Environment This week's materials. Focus on your innovations and creativity in a global environment. Congratulations! You have just started a new business! Your assignment this week is to:
1. First tell me what your new business is. Do you provide a service, or a product? Define this business you've spent so much time dreaming of starting.
2. Next develop a PEST Analysis using the template below.
3. Finally, describe how you're going to grow this business in the global environment.
Parts 1 and 3 will be in (Body Section). The PEST analysis needs to be placed in an appendix section of this combined paper. Only submit (1) paper that has all three parts. APA formatting is NOT required. You are to use, and cite, no less than 2 outside sources. Minimum of 3 pages (not including appendix section, Title pages, Abstract and Reference pages), they do not count towords the total.
Pest Analysis. Situation Being Analysed PEST analysis (political, economical, social, technological) assesses a market, including competitors, from the standpoint of a particular proposition or a business.
Political
Criteria examples ecological/environmental current legislation future legislation international legislation regulatory bodies and processes government policies government term and change trading policies funding, grants and initiatives home market pressure- groups international pressure- groups wars and conflicts
Economical
Criteria examples home economy economy trends overseas economies general taxation taxation specific to product/services seasonality issues market/trade cycles specific industry factors market routes trends distribution trends customer/end-user drivers interest/ exchange rates international trade and monetary issues
Social
Criteria examples lifestyle trends demographics consumer attitudes and opinions media views law changes affecting social factors brand, company, technology image consumer buying patterns fashion and role models major events and influences buying access and trends ethnic/religious factors advertising and publicity ethical issues
Technologgical
Criteria examples competing technology development research funding associated/dependent technologies replacement technology/solutions maturity of technology manufacturing maturity and capacity information and communications consumer buying mechanisms/technology technology legislation innovation potential technology access, licensing, patents intellectual property issues global communications
Note: PEST analysis can be useful before SWOT analysis because PEST helps to identify SWOT factors. PEST and SWOT are two different perspectives but can contain common factors. SWOT stands for strengths, weaknesses, opportunities.