Businesses can use several alternative strategies to understand the broader external factors affecting their operations. These include PESTEL Analysis, SWOT Analysis, and Porter's Five Forces Analysis. PESTEL Analysis considers Political, Economic, Social, Technological, Environmental, and Legal factors. SWOT Analysis looks at Strengths, Weaknesses, Opportunities, and Threats. Porter's Five Forces Analysis examines the competitive environment in terms of the bargaining power of suppliers and buyers, the threat of new entrants, the threat of substitute products or services, and the intensity of competitive rivalry.
How to anticipate potential challenges and harness emerging opportunities in an ever-evolving busine...
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