5 Simple business tools for everyday use!

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5 Simple business tools for everyday use! They include: SWOT analysis, PEST analysis, Porter's 5 forces, the marketing mix, and setting SMART goals.

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5 Simple business tools for everyday use!

  1. 1. SWOT ANALYSIS  SWOT analysis can be conducted in order to determine a firms position in the market. STRENGTHS  WEAKNESSES  OPPORTUNITIES  THREATS 
  2. 2.  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.
  3. 3. 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 
  4. 4. 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. 2. 3. 4. 5. Threat of new entry Rivalry already in the industry Threat of substitute products Bargaining power of suppliers Bargaining power of buyers
  5. 5. Threat of substitute products Bargaining power of buyers Rivalry within industry Threat of new entry Bargaining power of suppliers
  6. 6. 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 
  7. 7. All goals should be SMART!  When a target or goal is set it should be: SPECIFIC  MEASURABLE  ATTAINABLE  REALISTIC  TIMED 

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