Assignment
You enter your project team meeting with Mike and Tiffany to hear them discussing the tools that they found to conduct an analysis of the industry and competitors. "Mike, there are so many more tools than I even realized to give us some good data," Tiffany states.
"I know," Mike says. "That's why I wanted to take some time to look at our options and figure out what information we really need to support the board's decision."
Mike and Tiffany both found some great tools from their research on the subject. Complete the following:
Based on your classmates' discussion posts for Week 2, do you still believe the tools that you selected will work best for a global strategy? Why or why not?
What evidence do you have to support your decision?
How would you refute the people who chose an additional tool rather than one of the tools that you selected?
Based on the tools that you selected, provide a brief analysis of your market, using those tools.
This is the past assignment to use to answer the above question
The best tool to be used in this situation includes:
1. SWOT Analysis
2. Porter's five forces
3. Four corner's Analysis
4. Early warning system
SWOT Analysis
It is used in identifying the Strengths and weaknesses of an organization, in addition to the opportunities that the organization can venture into and the threats that the organization might face in conducting its activities.
By using this tool, one has to clearly outline the goals of the organization or the things that the organization is aiming at when getting into a business, with the other factors that are necessary for achieving the organization set goals in mind.
Four corner's Analysis
This tool is used to give an analysis of the competitors of the business, it is used to Identify the reactions that each competitor might have on the changes of the industry and the environment. It also looks into the possible advancements that the competitors might have and their likelihood of being successful.
This analysis is majorly focused on the competitors' future, their goals, the current strategies that they have, the assumptions that they use and what they are capable of doing (Anon, 2018). Companies that are using this tool are majorly focused on the information on where the competition is and where it is going to.
Early warning system
It is used to know the possible occurrences as early as possible as it gives the initial venues that the competitors can use to attack the business. According to Anon 2018, it is also used to show the truth of different scenarios in the business.
These are the best ways of analyzing the market as they help in informing the company of new trends in the market. Making the management to be well prepared for solving any possible problems that might arise.
To know the kind of opportunities that the company can invest in, doing a SWOT Analysis will give the best results, allowing the company to invest in goods and services that give a good return with a reduced risks of losing the capital invested.This analysis is also important as it elaborates the strengths and the weaknesses of the company and areas where the company needs to improve.
Because of the competitive nature of the businesses, it is essential for one to know how the competitors are doing, the strategies that they are using and the kind of technologies they are utilizing to maintain themselves in the market (Contributor, 2018). The future of the business is very crucial and every company must be in a position of understanding where their business will be in years to come.This will make the company make some adjustments to enable them to fit in the future.The company also has to have some financial plans and savings to act as securities for the future occurrences.By utilizing The early warning system they are in the best position of concurring the future without any worries.The early warning system predicts what might happens to the company in some other time to come and give the appropriate actions to be taken to ensure the smooth running of the business.
These methods of analysis are also very cheap and easy to implement by any other company, they are less demanding and will consume minimum time possible to give the best results that are needed.
Since these methods require less advanced skills, they can be implemented by everybody within the institution and still will give the results that are required, They involve the technologies that are easy to learn and understand and hence can be understood by everybody within the organization
SWOT Analysis,
Visiting marketplaces globally in which the company is interested and I will check on the strengths, weaknesses opportunities and the threats that might be within the market. Then from this point, I will be very careful to have only the major points.
Four corner's Analysis
I will first analyze what gives the motivation to our competitors by analyzing two majors which include, what drives and makes our competitors prosper and any chances that they will change their strategies or not. Secondly, I will analyze the belief that our competitors have to themselves, how they look into their strengths and the weakness.
I will Identify any available action that our competitors might take and lastly, I will analyze their current trend in the market.
Porter's five forces
I will try to identify the threats of entering into a new business, the capability of the buyers, the effects of the substitutes of the good that the company will offer in the market, the capabilities of those who will be doing the supply and the rivalry that is a rising because of the competition that is in the market.
Early warning system
I will first give a detailed definition of the market or the good of interest, then I will try to get more information that outlines the competitors. then I will analyze the relevant information that is of importance. Then I will look for the forces that make the competitors move on so as to help in knowing the directions that they might take.
References
Contributor, P. (2018). Market Analysis Tools and How to Use Them. [online] PESTLE Analysis.
Report station, F. (2018). Four Corner's analysis - Report station. [online] Report station.
Egypt Innovate. (2018). Competitive Intelligence: Four Corner's Analysis.
Va-interactive. (2018). Conduct a Market Analysis.