Business Success For A Business - 1204 Words

Business Success in the New Normal For a business to succeed in today’s global economy, it takes more than opening doors, turning on phones or powering up computers. Today’s businesses have to look beyond their local competition and take into consideration global competition. Globalization’s impact on business organizations continue to grow. Therefore, today’s businesses must take advantage of opportunities and make their business more agile and responsive to the needs of their ever-evolving consumer. Rhodes and Stelter (2010) speaks to this change, â€Å"†¦the rapidly developing economies also will spawn a new generation of competitors, or global challengers† (para 9) In order for businesses to move forward toward business success, they must†¦show more content†¦PESTLE analysis is a structure of macro-environmental or external marketing environment factors that can have an impact on a given business. The results of which can be used in conjunction with other analytical tools such as SWOT analysis. This business measurement tool consists of six factors: Political, Economic, Socio-culture or Social, Technological, Legal, and Environmental. The first four factors are the basic portion of this analysis tool. The Legal and Environmental factors are expansions of the technique as well as other factors such as Demographics and Regulatory. The factors will vary in importance based on a given business industry. For example, companies such as 7-Eleven may be seek social or economic factors whereas companies like HSBC may consider political or legal factors. Porter’s Five Forces Framework Porter’s Five Forces Framework considers other factors. This model identifies and analyzes five competitive factors that shape and help determine an industry’s strengths and weaknesses. These factors include competition in the industry, new entrants into the industry, threat of substitutes, buyers and suppliers. Porter’s model is applicable in any segment of the economy to search for profitability or attractiveness. In addition, theses five forces are considered items that may affect a company’s ability to serve