5 SIMPLE BUSINESS TOOLS FOR EVERYDAY

USE!

SWOT ANALYSIS

SWOT analysis can be conducted in order to determine a firms position in the market.

STRENGTHS WEAKNESSES OPPORTUNITIES THREATS

Both strengths and weaknesses are internal factors, whereas opportunities and threats are external factors which may impact upon a firm!

The tool can be utilized in order to determine a firms current position, and it can also be used to identify how competitors are performing.

PEST ANALYSIS

PEST analysis identifies how changes in the environment external to the business can create both opportunities and threats! Such factors can be:

POLITICAL ECONOMIC SOCIAL TECHNOLOGICAL

PORTERS 5 FORCES

Porters 5 forces is a tool which indicates the strength of a firms current market position.

The 5 forces which determine competitive power are:

1. Threat of new entry

2. Rivalry already in the industry

3. Threat of substitute products

4. Bargaining power of suppliers

5. Bargaining power of buyers

Threat of substitute products

Bargaining power of buyers

Threat of new entry

Bargaining power of suppliers

Rivalry within industry

The Marketing Mix When introducing a new product or

service to the market, it is essential to consider the 4 P’s of marketing!

Product Price Promotion Place

All goals should be SMART!

When a target or goal is set it should be:

SPECIFIC MEASURABLE ATTAINABLE REALISTIC TIMED