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May 2022

PESTEL analysis of AmerisourceBergen
BusinessManagementMarketingSWOT & PESTLE Writing

PESTEL Analysis of AmerisourceBergen Corporation – A Leading Healthcare Company

by Shamsul

PESTEL Analysis of AmerisourceBergen Corporation

 
PESTEL is a great strategic planning tool that mainly targets the external business factors of a company. It stands for political, economic, social, technological, environmental, and legal factors. These factors can influence the business and performance of AmerisourceBergen in both positive and negative ways. The impact of these factors is huge on AmerisourceBergen. Moreover, they can also effect the working of other companies in the drug wholesale industry. Let’s ready the PESTEL analysis of AmerisourceBergen Corporation.
 
Organizations like AmerisourceBergen can use this tool to shape their business strategy to take market competitiveness. This tool also helps to identify the operating challenges present in the market. For example, if a company is operating in an unstable economic environment, then it can’t take the required boost. But, if it is working in a regular economic cycle, it can achieve both short and long-term objectives. 
 
   
 
Let’s start with the PESTEL analysis of AmerisourceBergen Corporation.
 
 
 
Political Factors | PESTEL Analysis of AmerisourceBergen Corporation
 
The impact of the political factor on the profitability and long-term goal of AmerisourceBergen is huge. It is a defining factor for the company’s overall image and its working. However, political stability is necessary for achieving long-term objectives without any tension in any market. Being a drug wholesaler, it is crucial for AmerisourceBergen to follow all the governmental rules and regulations being neutral. Involvement with any political party or pressure group can down the image of AmerisourceBergen in the eyes of people. Moreover, there are hundreds of political factors that can highly disrupt the performance of AmerisourceBergen. Before venturing into a new market, the organization should analyze its political system and political stability. 
 
Here, we have listed down some important political factors that AmerisourceBergen should carefully analyze,
 
   
 
  • Value of drugs whole companies in the country and government and political stability.
  • Influence of army and risk of invasion.
  • Corruption level in both government and private sectors.
  • Role of bureaucracy and its efficiency.
  • Legal infrastructure for agreements and smooth working.
  • Tariffs, trade regulations, and other related factors.
  • IPR (Intellectual Property Rights).
  • Suitable business or trading partners.
  • Antitrust laws about drugs wholesale.
  • Pricing strategy, is there any pricing mechanism in the country?
  • Incentives, tax rates, and taxation.
  • Wage levels and legislation, overtime, and minimum wage.
  • Working hours.
  • Employee benefits.
  • Rules regarding industrial safety.
  • Labeling of products and other similar requirements.
 
 
 
Economic Factors | PESTEL Analysis of AmerisourceBergen Corporation
 
The impact of economic factors is also very grave on the overall working of AmerisourceBergen. There are numerous economic factors such as foreign exchange rate, inflation, savings rate, etc. They determine the actual growth and expansion of AmerisourceBergen. If anything happens with the economy of the country, then it will create a negative impact on the company. It is imperative for AmerisourceBergen to analyze different economic aspects like the growth rate and GDP of the country before entering. Below, we have mentioned some vital economic factors that the firm should take into consideration,
 
  • What kind of economic system the country follows in which you are operating?
  • Check the stability of the economic system in the country.
  • Check the level of government intervention.
  • The efficiency of the economy, especially in the drug wholesale sector.
  • Quality infrastructure in the drug’s whole market.
  • Comparative Benefits of the country.
  • The competence level of workers, particularly in drug wholesale.
  • Literacy level in the country.
  • Productivity and labor costs.
  • Business cycle.
  • Interest rates.
  • Inflation.
  • Economic growth rate.
  • Unemployment level.
  • Flexible income.
 
 
Social Factors | PESTEL Analysis of AmerisourceBergen Corporation
 
People’s behavior towards a brand or product is another important thing that can change the way of doing business for AmerisourceBergen in the country. Still, in some regions, people prefer services or products on the basis of their attitudes and beliefs. AmerisourceBergen should analyze people’s behavior and norms before starting its business in any country. The following are some most important social factors that AmerisourceBergen must consider,
 
  • Skill level of people and demographics.
  • The power structure, class structure, and hierarchy in the country.
  • Standard of education and level of education.
  • Culture such as social conventions and gender roles.
  • Entrepreneurial skills and overall business nature of the society.
  • Attitudes towards environment and health.
  • Leisure preferences.
 
 
Technological Factors | PESTEL Analysis of AmerisourceBergen Corporation
 
It is hard to stay up-to-date all the time because technology is an ever-evolving thing. Indeed, for some companies, technology can create all the differences in different sectors. It is a digital era and AmerisourceBergen should exploit the latest technology to take a competitive edge over competitors. There are so many established players in the market that have taken advantage of technology to enhance their profitability and revenue stream. Every company is moving toward automation. So, AmerisourceBergen should conduct its technical analysis to identify where it needs improvement. By taking benefit of the latest technologies, the company can give tough competition to others. AmerisourceBergen should involve the following technological factors in its analysis.
 
  • Recent technological advancement,especially by the competitors.
  • Impact of technology on product offerings.
  • The Impact of technology on cost system, especially in drug wholesale.
  • Impact on value chain system.
  • The diffusion rate of technology.
 
 
Environmental Factors | PESTEL Analysis of AmerisourceBergen Corporation
 
Environmental factors change in different countries or markets. Some countries have different environmental norms according to their weather pattern. Nowadays, environmental factors can hurt the business case of not following climate change agreement. Moreover, there are several liability laws and environmental laws that can create serious trouble for AmerisourceBergen. Before venturing into a new market, the firm should evaluate its environmental standards in order to avoid any legal action or hatred from people.
   
 
  • Climate change.
  • Weather patterns.
  • Recycling.
  • Laws regarding pollution.
  • Water and air pollution, particularly in the drug wholesale sector.
  • Renewable energy sources.
  • Endangered species.
  • Waste management.
  • Attitude towards eco-friendly and greener products.
 
 
Legal Factors | PESTEL Analysis of AmerisourceBergen Corporation
 
In some regions, legal frameworks and organizations are not so powerful to protect the IPR of the company. However, it would be a challenge for AmerisourceBergen to enter such markets and work in. In case of violation, the company can face lawsuits and legal actions that are not good for the reputation of AmerisourceBergen. Consider the following factors before entering new markets,
 
  • Antitrust laws.
  • Data protection laws.
  • Safety and health laws.
  • Ecommerce and customer protection.
  • Employment level and laws.
  • Discrimination laws.
  • Intellectual property law, copyrights, patents.
 
 
 
 
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SWOT Analysis of ExxonMobil – Energy Lives Here
 
Do Personal SWOT Analysis to Make your Life Actionable, Simple and Clear
 
SWOT or PESTLE Analysis | Which is Useful for Business
 
 
 
 
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  ExxonMobil SWOT Analysis  
 
 
BusinessManagementMarketingSWOT & PESTLE Writing
 
SWOT Analysis of ExxonMobil – Energy Lives Here
 
 by Shamsul   
 
 
 
 
 
 
 
SWOT Analysis of ExxonMobil
 
 
ExxonMobil is one of the biggest oil and gas companies in the world. It produces and markets power, natural gas, and oil. It was established in 1999 with an aim to enable America to take a huge part in the production and oil and natural gas exploration. The biggest role in the success of the company is its marketing. They have targeted customers through their effective marketing. Let’s read the SWOT Analysis of ExxonMobil.
 
 
About ExxonMobil:
 
ExxonMobil is a famous US-based multinational oil & gas corporation. The name of the company derived from the merger of two companies such as Exxon and Mobil and Standard Oil Company. It usually takes part in the manufacturing and exploration of natural gas, power generation, petrochemicals, crude oil, natural gas, and oil products. In terms of revenue, the company always falls on the list of the top 5 largest companies in the US. There is no doubt about it that ExxonMobil is one of the big oil companies in the world and the largest refiner of oil.
  
Company Name: ExxonMobil
 
Founders: John D. Rockefeller
 
Founded: Nov 30, 1999
 
Headquarters: Irving, Texas, United States
 
CEO: Darren Woods (Jan 1, 2017-)
 
Type: Oil and Gas
   
 
Sector: Energy and Power
 
Tagline: Energy lives here
 
Unique Selling Proposition: One of the six world’s “supermajor”
 
Customers: Individuals, corporates, and countries looking to meet energy needs.
 
Target Consumers: Companies and people looking for energy, natural gas, and petroleum products.
 
Revenue: 285.6 billion dollars (2021)
 
Net Income: 23 billion dollars (2021)
 
Services and Products by ExxonMobil:
 
  • Power generation
  • Crude oil
  • Petrochemicals
  • Natural gas
  • Oil products
 
Competitors of ExxonMobil:
 
  • TotalEnergies
  • ENGIE
  • Valero Energy
  • Chevron
  • BP
  
SWOT Analysis of ExxonMobil
 
Strengths of ExxonMobil:
 
 
  • Diversified Company:
 
ExxonMobil is such a diversified brand because there are several brands working under its banners such as Speedpass, On the Run, Esso, Coolanol, Mobil, and Exxon. Such diversity gives ExxonMobil a competitive advantage over others and makes it one of the biggest oil and gas corporations in the world.
   
 
  • Brand Reputation and Name:
 
With over 150 years of experience, the ExxonMobil company has developed expertise in its sector. It has a strong foothold in the market and currently distributing oil and gas products to more than 14 countries on different continents such as Africa, Asia, Europe, South America, and North America. The main thing is that ExxonMobil has established a strong reputation and brand name in these markets or countries.
 
  • Vertical Integration:
 
The brand has successfully indulged itself in the exploration of refineries, petroleum, and oil barrels. Moreover, they have divided their business into two categories, production and exploration of oil and marketing its products and brands. So, through vertical integration, they are enjoying the benefits of cost and quality control.
 
 
  • R&D:
 
With every passing day, the company is trying to improve its technology and working structure. They are doing their best to reduce carbon footprint by introducing renewable and eco-friendly options. They are investing heavily in research and development in order to find ways to extract oil and gas with minimum effort. This kind of investment in research and development allows the company to reduce its expenditure and make it one of the most competitive companies.
 
  • Discovering New Markets:
 
The track record of ExxonMobil is pretty good. They have ventured into new markets successfully and taking advantage of their quality and products. Moreover, they have satisfied their customers through their services and products. This has helped the company to create a non-stop stream of revenue. As a result, it is considered as the most reliable and experienced player in the oil and gas sector.
 
  • Variety of Products:
 
The products and services of ExxonMobil are unlimited. Moreover, they have a range of consumer products from diesel fuel to gasoline, motor oil, and more. Indeed, with over 10000 fuel stations, the brand has consistently supplied petroleum products with convenient payment methods. They have also started the ExxonMobil Rewards program for customers in order to get their attention.
 
 
Weaknesses of ExxonMobil | SWOT Analysis of ExxonMobil
 
  • Environmental and Social Impacts:
 
ExxonMobil is one of the biggest culprits for harming and polluting the earth and environment in the eyes of eco-conscious consumers. However, they are taking green initiatives, but they are not enough to reduce their carbon footprint to a major level. This kind of negative reputation is one of the crucial weaknesses of the brand.
 
  • Net Income:
 
According to reports, the company faced a loss of approximately 22 billion dollars in 2020. On the other hand, the financial condition of ExxonMobil is not very stable, which predicts that there is something wrong. Its revenue and net income are declining according to the reports.
 
  • Government Policies and Regulations:
 
The US government and other countries’ governments are imposing strict regulations on oil and gas products. Certainly, this thing has decreased the operational efficiency of ExxonMobil. These regulations and policies are one of the biggest hurdles to its success way.
 
  • Controversies:
 
Controversies like oil leaks in different locations of the world are another major weakness of ExxonMobil. They are accused of damaging the environment and overall sustainability. Such oil leaks are also very dangerous for underwater creatures or marine life. In short, these oil leaks are destroying the ecosystem.
   
 
  • Human Rights Issues:
 
Over the years, ExxonMobil has faced so many legal notices and lawsuits alleging human rights violations, rape, murder, and many other cases. Such lawsuits have been damaging the company’s overall reputation at a global level.
 
 
Opportunities for ExxonMobil | SWOT Analysis of ExxonMobil
 
  • Net-Zero Emission:
 
There are so many opportunities waiting for ExxonMobil. They are planning to implement net-zero emissions by the end of 2030 in Permian Basin operations. If it becomes a reality, then ExxonMobil can improve its image in the eyes of consumers. Moreover, the success of this operation will also enhance ExxonMobil’s profitability.
 
  • Economic Development:
 
Indeed, the rising demand for petroleum products, economic development, and consumer spending patterns are one of the major opportunities for ExxonMobil. Thus, these factors allow the company to expand its market value and capture new consumers.
 
  • Growing Greener Demand:
 
The growing demand for eco-friendly or greener products is also creating several growth opportunities for ExxonMobil. The company can attract government contractors and the government to purchase its products.
 
  • Worldwide Expansion:
 
When it comes to venturing into new markets, no one can beat the level of ExxonMobil. They are entering into new markets and successfully conquering them. As a result, they have already opened their fuel stations and offices in different locations of the world. In short, there are countless opportunities for ExxonMobil in different sectors and countries.
 
  • Demand for Sustainable Development:
 
These days, people like to purchase eco-friendly and sustainable products in order to save the world. However, ExxonMobil is trying its best to develop greener products to get the attention of customers. It has been investing in research and development to develop greener products. Moreover, by developing greener products, the company can multiply its revenue flow.
 
 
Threats to ExxonMobil | SWOT Analysis of ExxonMobil
 
  • Lawsuits:
 
In other markets, there is a chance that ExxonMobil can face lawsuits and legal actions due to the different trade rules and liability laws. The regular fluctuation in standards can also jeopardize the performance of the company in different markets.
 
  • Eco-friendly Products:
 
The company is mainly relying on its oil and gas products. If the culture of sustainable and greener products increases, then it automatically decreases the profitability and sales of ExxonMobil. As a result, the company can experience serious loss, which directly impacts the financial report of ExxonMobil.
 
  • Climate Change:
 
The demand for petroleum and energy products is growing day by day, so it will also increase carbon emissions, which directly results in climate change. ExxonMobil is already under immense pressure to reduce its carbon emission for the betterment of the world. Even though they are finding ways to develop renewable and green energy, but they need huge investments and funds in these sectors, which is currently not possible for the company because its financial condition is also going downwards.
   
 
  • Political Instability:
 
For companies like ExxonMobil, political stability is necessary in the region in which it operates. Overall, there is no political stability in some countries. Moreover, the bad thing is that governments and politics always surround oil and gas production. So, political instability could be fatal for the growth and expansion of ExxonMobil. These factors could pose grave threats to the company in the future.
 
  • Stiff Competition:
 
There are so many big companies and players in the US oil and gas sector. Such increased or stiff competition can hurt the revenue and even sales of ExxonMobil. Competitors of ExxonMobil are continuously hurting its profitability every year by providing better services and products.
 
 
Final Thoughts | SWOT Analysis of ExxonMobil
 
ExxonMobil is taking the ultimate benefit of technology to produce petroleum products with less effort. No one has any doubt that it is one of the leading oil and gas companies with a diversified brand and product range. Explained in short, the company is doing fine in its industry.
 
 
 
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5 Common SWOT Analysis Mistakes and How to Avoid Them
 
 by Shamsul   
 
 
 
 
 
 
5 Usual SWOT Analysis Mistakes and How to Evade Them
 
 
 
A SWOT analysis is a helpful strategic planning tool when analyzing the achievability of a project. It is a very easy-to-use tool and powerful enough to identify all the aspects of a business, whether internal or external. However, it is important to use this tool with care and planning because it can also misguide you. Below, we have mentioned five common SWOT analysis mistakes people make. How do you avoid them? Keep reading to find out.
 
 
 
Adding Long Paragraphs or Lists | SWOT Analysis Mistakes
 
As we said, SWOT is a simple and helpful tool for analyzing business ventures. Adding long paragraphs and lists is a common mistake that people make. It usually happens when there is no ambition or specific goal. If you are doing a SWOT analysis with too many people, then it can create trouble. It is vital to know what is important and what’s not.
   
 
 
How to Fix?
 
First, clarify your goal and why you are conducting the SWOT analysis. What is your purpose in doing SWOT analysis? What do you want to achieve? Mention just 4-5 points in each section in order to keep SWOT diagram clear and visible.
 
Over-estimating Strengths | SWOT Analysis Mistakes
 
When conducting a SWOT analysis for your business or company, never over-estimate your strengths. Many people think that having the best employers or working infrastructure is the biggest mistake. In a SWOT, strengths are the first section that you have to evaluate. Find out the real strengths that you think make you superior to others. Then follow the rule and just mention 4-5 points in the section. Overestimating your strengths can damage your process of creating SWOT analysis.
 
 
How to Fix?
 
Carefully identify your strengths and get a fair opinion from others. For example, if you are selling a product, leave it to the customers and see whether they like it.
 
 
Generalizing Aspects | SWOT Analysis Mistakes
 
Generalizing aspects is one of the most dangerous SWOT analysis mistakes. Sometimes, it is hard for companies to develop a useful strategy to reduce a particular weakness. In the end, they have to delay the process, which could be damaging to the company’s growth. By adding general aspects in your SWOT diagram, everyone can see it clearly and can give better suggestions.
   
 
 
How to Fix?
 
Try not to generalize aspects and add specific reasons as an aspect. Try to add quantitative values whenever possible.
 
 
Disregarding Weaknesses | SWOT Analysis Mistakes
 
No one wants to identify and admit their weaknesses. It is even harder after knowing your strengths. Some companies completely overlook their weaknesses. It can be disastrous for you and your project.
 
 
How to Fix?
 
Be honest and realistic when identifying your weaknesses. Encourage your team members to help you identify your weaknesses. If everyone participates, then you can easily find out the accurate and valid weaknesses of your project or company. In this way, you can choose the most important weaknesses.
 
 
Ignoring the Value of PES | SWOT Analysis Mistakes
 
When it comes to opportunities and threats, they are highly challenging to discover. Both factors are external and directly linked with PEST because it is another strategic planning tool that highlights external aspects of a business. So, figuring out external factors can be difficult. In this matter, do not ignore the value of PEST analysis.
 
 
How to Fix?
 
In order to eliminate this mistake, you need to do a complete and proper PEST analysis. Through this analysis, you can identify your opportunities and threats.
   
 
 
Final Thoughts | SWOT Analysis Mistakes
 
We have covered most of the SWOT analysis mistakes in this article. There are so many other mistakes, but the above ones are very common and you should avoid them. If you are doing the above-mentioned mistakes, then you are conducting a faulty SWOT analysis.
 
 
 
 
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  Personal SWOT Analysis  
 
 
Better TipsBusinessManagementMarketingPersonal GrowthSWOT & PESTLE Writing
 
Do Personal SWOT Analysis to Make your Life Actionable, Simple and Clear
 
 by Shamsul   
 
 
 
 
 
 
 
Personal SWOT Analysis
 
 
Being human beings, we all have weaknesses and strengths. By conducting a personal SWOT analysis, you can assess your strengths and mitigate your weaknesses. You can identify the opportunities that help you make a better person. With this analysis, you can also reduce the risk of potential threats you could face. A personal SWOT analysis can help to make your life actionable, simple, and clear. This article will tell you how to conduct a personal SWOT analysis.
 
 
 
Identify Your Strengths:
 
In a personal SWOT analysis, you have to list down all your strengths. By identifying your strengths, you will feel confident and composed. In this section, you can ask the following questions to yourself.
 
 
  • What are the professional qualifications or certifications you have? How do your qualification makes you better than others?
  • What is your expertise? How can you create a difference in any organization with your expertise?
  • What projects have you finished efficiently in the past?
  • Do you have extra skills that make you superior to others?
  • What strengths do you have, according to others?
 
   
 
The factor “superior from others” is really vital in a personal SWOT analysis. For example, if you think your bachelor’s degree or master’s degree in computer science or software is your strength, then you are wrong because everyone else has the same degree.
 
 
Uncover Your Weaknesses:
 
The second step in a personal SWOT analysis is to identify your weaknesses. The main purpose of uncovering your weaknesses is to fix them in order to convert them into strengths. You can only improve yourself when you identify your weaknesses. During a project review or an interview, this part will help you a lot. Ask yourself the following questions when identifying your weaknesses.
 
 
  • Do you have the essential skills needed to stand out in any project or work?
  • What are your bad habits? For example, bad communication, getting late, drinking, etc.
  • What areas of your personality need improvement?
  • What are your weaknesses according to your family and friends?
 
 
When answering the above questions, be realistic and honest. It is necessary if you want to create a fair self-assessment SWOT analysis. Try to convert your weaknesses into strengths to enhance your personality.
 
 
Find Opportunities:
 
For people, opportunities come in various forms and shapes. It is crucial to exploit chances or opportunities to a competitive edge over others. Here are some important things you must consider,
   
 
 
  • How you can take advantage of opportunities present in your industry?
  • How you can exploit new technologies for improving your working pattern and efficiency?
  • Is there a new job opportunity that matches with your CV or qualifications?
  • How new job or position will benefit your career?
  • Can learning new skills give a competitive edge?
 
 
There are so many other questions that you can ask yourself. If there is an opportunity to match your skills, then you must avail yourself of it after checking its possible outcomes. In short, one must consider advantages and disadvantages before availing any job offer.
 
 
Be Aware of Threats:
 
When performing a personal SWOT analysis, you can consider yourself as a product or a company. It helps you identify yourself better against your competitors. In this way, you can make this part slightly easier. Here are some questions you can ask in this section yourself,
 
   
 
  • Are your colleagues doing a better performance than you? Are you and your colleagues racing for the same job or promotion?
  • Can the disruption of the latest technology put your job or performance in danger?
  • Are your traits impacting your professional career?
  • What hurdles or difficult steps stop you from completing your targets?
 
 
The only purpose of unearthing threats is to eliminate them from your life.
 
 
 
What is a SWOT Analysis?
 
Basically, SWOT is the short form of strengths, weaknesses, opportunities, and threats. It is a reliable and useful strategic planning tool that is widely used across industries, businesses, and projects. Senior executives and managers use this tool before making major decisions for the benefit of their company. SWOT can be applied to a wide range of companies, and things like to do self-assessments.
 
 
When to Do a Personal SWOT Analysis?
 
There is no specific time needed to do a personal SWOT analysis. You can create a personal SWOT analysis anytime, according to your time and comfort. The following instances are important for doing a personal SWOT analysis,
 
  • Before going to a job interview, focus on your strengths and reduce your weaknesses. It will also assist in developing the CV. You can easily modify your CV according to the job requirement.
  • If you are trying to avail a promotion, you can perform a personal SWOT analysis to make yourself better than the other candidates.
  • If you have decided to switch your career, you can take the help of a personal SWOT analysis as it helps you understand the upcoming opportunities and possible threats.
 
 
 
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What, Why, and How to Use SWOT Analysis Effectively
 
 by Shamsul   
 
 
 
 
 
 
What, Why, and How to Use SWOT Analysis Effectively
 
 
SWOT analysis is a proven strategic planning tool used across businesses and companies to uncover strengths, weaknesses, opportunities, and threats. The main purpose of SWOT is to measure business projects, but it also helps to identify internal and external factors of the business environment. Let’s look at some important factors: how, what, and why to use SWOT analysis.
 
 
Why use SWOT Analysis?
 
If you are wondering why use SWOT when there are hundreds of tools available for analyzing business ventures, then the following reasons will certainly satisfy you.
 
  • Albert Humphrey first conducted SWOT analysis in 1960. Since then, it has proven a useful strategic planning tool.
  • The biggest advantage of this tool is that it is very simple to implement or use. Anyone can conduct SWOT analysis with a little effort.
  • SWOT analysis can be used to identify businesses, companies, competitors, and places. It can also be used for conducting self-assessments.
  • It helps to assess both internal and external business factors of your company.
 
 
There are tons of other advantages of using SWOT analysis, but the above methods are one of the most important benefits.
   
 
 
How to use SWOT Analysis?
 
Now, you understand why and what it’s the right time to use SWOT analysis proficiently.
 
  • Creating a SWOT Diagram:
 
The purpose of creating a SWOT diagram is to list down all the important factors in each section of SWOT. It provides a clear idea about your business or project. In this way, you can look at each and every factor easily. Moreover, there are various SWOT diagrams that you can choose.
 
  • Adding Data to SWOT Diagrams:
 
First of all, add internal factors such as strengths and weaknesses into a SWOT diagram. It is easy to assess both factors, depending on your organization or business type. In a business environment, a SWOT analysis could be like,
 
  • Human Resources – Skill level of your employees, language barriers, size of your organization, geographical distribution etc.
  • Financial Condition – Seasonal income, capital investment, profit, and income.
  • Distribution – Supply chain productivity, manufacturing abilities, partners, and distributors.
  • Operations – Efficiency of process, software efficiency, cost of implementing software or technology.
 
Strengths and weaknesses change with time. For example, Apple’s biggest strength is its loyal users, while Samsung’s biggest strength is its low production cost.
   
 
It is slightly difficult to add external factors like opportunities and threats into a SWOT diagram. To assess external factors of SWOT, you can take the help of another useful strategic planning tool called PEST. It is a useful method and stands for political, economic, social, and technological factors. If you add legal and environmental factors to PEST, then it becomes PESTLE.
 
 
PEST Or PESTLE Analysis
 
PEST analysis largely focuses on the external business environment of a business. It is comparatively linked with the external part of SWOT analysis. Below, we have mentioned all the factors PESTLE in detail.
 
   
 
  • Political – Trade rules, corruption level, political instability, government hold, export limitations, and more.
  • Economic – Interest rates, wealth distribution, income level or people, exchange rates, and more.
  • Social – Cultural trends, lifestyle, demographic behaviors, education level, religious harmony, and more.
  • Technological – Basic technology infrastructure, the skill level of employees, software privacy, and internet penetration.
  • Legal – Labor laws, anti-piracy laws, tax regulations, and copyright.
  • Environmental – Climate change, green products, recycling, and weather patterns.
 
 
It is not necessary to apply all the factors to every company. They vary with every company, depending on their business.
 
 
Who needs SWOT Analysis?
 
Decision-makers, managers, and marketers can use SWOT analysis for the betterment of their businesses. However, It can be applied in various ventures and scenarios. If you are a big business, then you should create a SWOT analysis with your competent team members. Collaboration is the key in this matter.
 
 
Other Uses of SWOT Analysis:
 
We personally think that SWOT is still an underrated tool. But, it is really useful to evaluate the whole business venture. You can also conduct a self-assessment with the help of a SWOT analysis. This strategic planning tool is widely used in businesses and marketing. It helps the companies to take a competitive edge over competitors.
   
 
 
 
 
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