Conduct an internal and external environmental analysis for a business. Your environmental analysis should take into account, at a minimum, the following external forces and trends considerations:
1) Legal and regulatory
2) Global Factors
3) Economic Factors
4) Competition Factors
For each factor, identify the one primary strength, weakness, opportunity, threat, and trend, and include it in your table.
Next, look at the following internal forces and trends considerations:
3) Processes and systems
Your synopsis should identify the major decisions and recommendations for your selected forces and trends.
Environmental scanning consists of conducting analysis of the internal and external factors. SWOTT analysis serves as a strategic tool for conducting environmental analysis. In the SWOTT analysis, basically different internal and external factors are analyzed on the basis of their strength, weakness, opportunities, threats and trends. On the basis of this environmental analysis, strategy for the company can be devised. In this paper, the SWOTT analysis of a proposed business of fast food chain is discussed. The environmental analysis consists of two main division i.e. external factor analyses and secondly the internal factor analysis. Firstly, the analysis of the external factors would be conducted, followed by internal factor analysis (Ryall, & Craig, 2003).
First we will start with the external force in the trend considerations. Here we will start with global factors. We have taken four external factors for this analysis. At the end, we will give recommendations and decisions based on the analysis.
a. External forces and trends considerations
The external force and trend considerations take into account various factors of the external environment that have an impact on the organization. The various external forces and trend considerations are listed below:
- Global Factors
Global factors are very important to consider while making a strategy for the company. Today globalization has brought a complete change in the traditional market scenario. The analysis of impact of global factors is discussed below:
The organization's current resources and managerial abilities are well suited to tackle the globalization pressures. The company's products and services are well suited to tackle global populations. The company's proposed structure and the process used would help to maintain the quality which is very important in the wake of globalization.
The company resources might not be adequate enough to adopt the strategy of global competitors who are already established and have a lot of experiences in this field.
The fast food chain market is a burgeoning market. In the past decade, it has seen a lot of growth. There is lot of scope and market for the fast food chain business.
Globalization means a lot of influx of competition. Already there is a stiff competition in this industry in the US with big names like KFC, Mc Donald's etc. With increased competition, the company would find it difficult to establish itself.
The fast food outlets would continue to become popular in the coming years. With the slowdown in US economy, various regulatory and legal issues are making the companies to look for more options; especially they are looking to east for opportunity.
Recommendations & ...
The response contains a detailed but generic review of the listed factors so that they can be applied to almost any business. It addresses the queries posted in 1744 words with references