SWOT ANALYSIS
- Strengths: characteristics of the business or project that give it an advantage over others
- Weaknesses: characteristics that place the business or project at a disadvantage relative to others
- Opportunities: elements that the business or project could exploit to its advantage
- Threats: elements in the environment that could cause trouble for the business or project
PESTEL ANALYSIS
- Political factors are basically how the government intervenes in the economy.
- Economic factors include economic growth, interest, exchange, and inflation rates.
- Social factors include cultural aspects and health consciousness, population growth rate, age distribution, career attitudes and emphasis on safety.
- Technological factors include technological aspects like R&D activity, automation, technology incentives and the rate of technological change.
- Environmental factors include ecological and environmental aspects such as weather, climate, and climate change, which may especially affect tourism, farming, and insurance industries.
- Legal factors include discrimination, consumer, antitrust, employment, and health and safety laws.
8 Ps
- Product: A product is seen as 'satisfying consumers' demands. It is a tangible good or an intangible service.
- Promotion: Promotion comprises elements such as advertising, public relations, sales organization and sales promotion.
- Price: The amount a customer pays for the product. The price is crucial as it determines the company's profit and survival.
- Place: The place refers to providing the product conveniently for consumers. Such as intensive distribution, selective distribution, exclusive distribution, and franchising can be used by the marketer to complement the other aspects of the marketing mix.
- Physical evidence: The evidence which shows that a service was performed, such as the delivery packaging for the item delivered by a delivery service or a scar left by a surgeon.
- People: The employees that execute the service, chiefly concerning the manner and skill in which they do so.
- Process: The processes and systems within the organization that affects the execution of its service, such as job queuing or query handling.
5Cs
- Customers: Customer analysis can be vast and complicated. Some important areas of company analyses include demographics, advertising, market size, and needs distribution channels.
- Competitor: The main purpose of competitor analysis is for businesses to analyze a competitor's current and potential nature and capabilities to prepare for competition.
- Corporation: The corporation does not have to excel in every function to win. If it can gain a decisive edge in one key function, it will eventually be able to improve its other functions, which are now average.
- Company: The company analysis involves evaluating the company's objectives, strategy, and capabilities. These indicate to an organization the strength of the business model, whether there are areas for improvement, and how well an organization fits the external environment.
- Collaborators: Collaborators are useful for businesses as they allow for an increase in the creation of ideas and the likelihood of gaining more business opportunities.
- Climate: To fully understand the business climate and environment, many factors that can affect the business must be researched and understood.
