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  • Essay / SWOT analysis: the development of strategic management

    It doesn’t take more time. The strength of SWOT analysis is that you can understand your business, find its strengths and weaknesses and use it to improve your business and develop strategies to counter the weaknesses. The weakness of SWOT analysis is that we cannot determine certain factors that are both strengths and opportunities, to find this requires extensive research. It does not tell you which factors are important and does not provide solutions or alternatives to weaknesses or threats. You can get a lot of ideas from it, but it doesn't tell you which one is best for you. PESTPest analysis means the analysis of four factors political, economic, social and technological. It is used to understand the external factors that can affect the business. In politics, we analyze the rules and regulations of the country and location as well as the stability of the government so that we can know the political factors that may affect our business, such as labor laws, tax guidelines and security regulations . In economic factors we analyze issues that may affect our business like tax changes, interest rates, inflation. In social factors, we analyze factors such as demographic, cultural limitations and education. These are some social factors that we need to consider when doing business. Through technology analysis we will be able to know the effect of technology on businesses, such as whether it will be good or