Siemens can use the Pestel analysis tool and Porter’s five forces to carry out a strategic analysis. A PESTEL analysis is a framework important in analyzing and monitoring the macro-environmental factors that impact an organization’s performance. A SWOT analysis tool can also help in conjunction with the pestel tool. Basically all the influences that a government has on a business could be classified here. This can include government policy, political stability or instability, and trade restrictions. Furthermore, the government may have a profound impact on a nation’s education system, infrastructure, and health regulations. Pestel analysis tool and Porter’s five forces will help an organization to identify areas that can lead to efficiency.
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PORTER’S FIVE FORCES AND ITS IMPORTANCE TOWARDS AN ORGANIZATION
Porter’s Five Forces is a model that identifies and analyzes five competitive forces that shape every industry. Besides, it also helps in determining an industry’s weaknesses and strengths and a company can accurately determine its position. It shares some similarities with the SWOT analysis tool in determining strengths and weaknesses. Five Forces analysis is frequently used to identify an industry’s structure to determine corporate strategy. Porter’s Five Forces helps to explain why various sectors can sustain different levels of profitability. Finally, Pestel analysis tool and Porter’s five forces are essential strategic tools that can improve the productivity of a company.
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SWOT ANALYSIS TOOL AND ITS ESSENTIAL COMPONENTS FOR AN ORGANIZATION
The SWOT analysis tool is a technique important in determining and defining your Strengths, Weaknesses, Opportunities, and Threats. Therefore, SWOT analyzes an entire company or organization, or individual projects within a single department. Additionally, Porter’s five forces complement the SWOT analysis tool in analyzing the outside environment. SWOT analyses help in determining how closely a business is aligned with its growth trajectories and success benchmarks. Thus, The first element of SWOT analysis tool is strong and this could be something intangible. Finally, ttrategic tools like the Pestel analysis tool and Porter’s five forces will help an organization in creating better strategies.
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