You might wonder when to use SWOT analysis or PESTLE analysis when evaluating a firm’s environment in your essay? If you are assigned to do an assignment and you want to get an A+ grade, then you need to know which strategy to apply just like professionals.
Now you may be wondering how? Well, don’t worry. All you have to do is understand the given example and analyze the factors well to write a flawless assignment. Therefore, in order to provide you the best help to write your assignment with these tools, we will share the two most popular methods that will make you understand when to use SWOT analysis and when to use Pestle analysis.
Uses of SWOT Analysis
SWOT refers to Strength, Weaknesses, Opportunities, and Threats. With this analysis, you can evaluate the strengths of a business and overcome its shortcomings. You can then take the opportunities to respond to the threats. Whether it is SWOT analysis or PESTLE analysis, you need to use this tool correctly; otherwise you will also ask professionals to write my assignment to deliver it accurately. SWOT is known as useful for strategic planning and is called a powerful tool for accessing a company’s relative position.
Strength is a tool or potential that can be used to achieve project goals. To determine strength correctly, consider the following questions:
Question 1 – What are the benefits of the current situation?
Question 2 – How do others perceive our strength?
Question 3 – What can you do to achieve your goal?
By analyzing these questions, you can easily identify and highlight the organization’s strengths in the assignment.
Weaknesses are errors, limitations or defects in products and services, which may be the main reason for your failure. Therefore, the best way to identify weaknesses is to ask the following questions:
Question 1-What should I avoid?
Question 2-What needs to be improved?
Question 3-What are we doing wrong?
This is mainly related to the company’s limitations and unachievable goals. When you question about using SWOT analysis or PESTLE analysis, note that the latter tool does not evaluate internal environment. Therefore, if you find a solution to the above questions, you can determine the weaknesses of the organization.
These are external factors that are directly related to the external environment. Using these factors, companies can make huge profits and make their business grow if they plan their actions wisely. Therefore, by writing this section, you can highlight the focus of the task. By discovering opportunities, you can make your tasks more effectively. A good way of determining your opportunities is to carefully analyze the weaknesses of your competitors that you can capitalize on using your strengths.
Threats are the external problems that your business must overcome. To identify threats, consider the obstacles and initiatives of competitors. In addition, you must also take into account the changing needs, new trends, latest technologies and needs of products and services. This way you can easily understand the threats your organization faces and easily mention them when writing your assignment.
By conducting a SWOT analysis, you can identify the positive and negative characteristics of an organization, and then conduct research. This will not only help you assess your current situation but will also help you take counter steps to overcome obstacles. Now you know how to evaluate the internal environment and external environment with the SWOT analysis tool.
Uses of Pestle Analysis
While the majority of the students use SWOT analysis to identify internal problems in a particular example, but if you want to identify the external problems, you can use PESTLE analysis. It is a structured environmental assessment that contributes to strategic decisions. You can also use it as a tool to get the microcosm of the organizational environment. So read on to find out about the SWOT analysis or PESTLE analysis for external environment evaluation.
PEST refers to the analysis of external factors useful for research or market research before starting a new project. These factors include:
Political factors can affect your business environment. With this factor, you can determine the weight and openness of political institutions. This is one of the important factors that must be achieved to overcome uncertainty. Other political factors include:
- Government institute
- Employment law
- Consumer fortification
- Environment directive
While writing your assignment, these are some of the factors that you need to keep in mind.
This is one of the important factors as it can have a long term impact on the business. Before planning and implementing this factor, it is necessary to effectively analyze the inflation, economic growth, interest rates, supply and demand trends as these factors can affect consumers and businesses. The factors are:
- Economic growth
- Monetary strategy
- Public expenses
- Exchange rate
By considering these points, you can determine the economic factors of the example studied. You can easily mention them in your assignment writing.
This factor is used to study the social conditions of the market and measure determinants, such as socioeconomics, social models, and professional knowledge. This factor enables us to correctly evaluate the market and improve the quality of products and services. This is a great factor that can help you determine the current state, and then you can easily deal with it and make your assignment flawless.
The social factors include demographic trends, local markets and cultural trends. These factors can help the company evaluate the market and improve its products/services accordingly. It is one of the reasons whether you want to use SWOT analysis or PESTLE analysis.
In this factor, you must analyze technological trends, recent developments, innovations, and progress in the business environment. This is mainly due to the positive impact of innovation on business operations and the corporate market. These are things that come under the technological factors:
- Government expenditures on research
- Impact of changes in IT
- Discoveries and developments
- Speed of technology convey
- Energy consumption and costs
After looking at these points, you can identify the technological factors of the company. All you have to do is extensive research.
We believe that after reading the difference between the two tools you know whether to use SWOT analysis or PESTLE analysis for your assignment. According to assignment writing experts of Royal Assignment Help, SWOT analysis is the best option as it emphasis on both internal and external factors. Whereas, if you use PEST analysis, you can only concentrate on the external factors of a business. Whichever tool you use, it’s your choice. So, make sure you choose the best one in a correct way!