For PHD Issac Newton Only

Copy of my submission to classmates for discussion post 2.

The meeting was successful thus far based on the information provided to address what resources are needed and consideration of potential countries. We have now been asked to delve deeper into providing a concrete analysis and data presentation at the next meeting. Tiffany made the recommendation to look at internal variables such as the political, environmental, sociocultural, and technological environments of the countries being considered. Mike also added that we also ensure that look at everything from various angels. That way, we can ensure that we gave as much information as possible.

Best tools to use and brief description of the tools:

SWOT Analysis: A strategic planning tool that identifies both internal and external factors that need to be planned for and determins the direction that the business is going. According to Investopedia, the SWOT Analysis is “using environmental data to evaluate the position of a company, a SWOT analysis determines what assists the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve desired results: where the organization is today, and where it may be positioned in the future.” (Staff, 2017) The acronym stands for Strengths, Weaknesses, Opportunities, and Threats and is presented as a visual by a ­square broken into four areas with each element listed. This visual is used as a quick snapshot of the company’s overview.

See visual below:

PEST Analysis: Considers the Political, Economic, Sociocultural, and Technological elements that may influence the company in its analysis. This method can be used by itself or combined with tools (i.e. SWOT analysis as an example) to determine the overall look. The PEST attributes are always changing and should be evaluated regularly. If a company has multiple locations that are operating, the PEST analysis would need to be conducted at each location. This provides the overall picture of factors that can affect the company as a whole. Note, authors from the Editorial Board advised that once a company considers going global, this analysis provides an in-depth picture of what opportunities and threats the new international location holds. Because of the increased amount of companies operating in the global market, this analysis becomes even more important. (Editorial Board, 2015) The PEST analysis is defined as follows:

• Political: Researches how legal issues and government regulations can affect a company’s ability to be successful and make a profit.

• Economic: Researches how external economic issues plays a role in the success of a company.

• Social: Researches the demographic and cultural elements of the company’s market. It also provides insight into the consumers’ needs and what can drive them to buy that product or service.

• Technology: Researches how technological issues might influence how the company will deliver the products and/or services into the market. (Arline, K., 2014)

The PESTLE Analysis adds on the Legal and Environmental elements.

• Legal: Researches the effects the laws, regulations and legislation on how a company will operate.

• Environmental: Researches the ecological and environmental factors that can affect the product’s demand and how the company operates.

Another type of analysis that should be conducted is the Competitor Analysis. This analysis allows the company to see where it stands within that industry in order to gauge whether it has a competitive advantage or what it needs to have the competitive advantage.

Why do you think these are the best ways to analyze the market? How will you use these tools in your plan?

For FCF to be successful in their global expansion, I would recommend having a combined analysis done. Since the PESTLE can be combined with other analytical tools, I would recommend the SWOT method added. Jim Markos, founder of the website Pestle Analysis, advised that "the more factors you consider for analysis, the better the results you can achieve from your strategy." By combining both methodologies when coming up with an effective strategy, this should provide a complete picture for FCF to decide on how they want to move forward with the global expansion.

References:

Staff, I. (2017, March 09). SWOT Analysis. Retrieved April 25, 2017, from http://www.investopedia.com/terms/s/swot.asp

Editorial Board. (2015). Research Methods for Strategic Management. Retrieved on April 25,

2017 from https://ebooksbvd.my-education-connection.com/read/9781943926312/9781943926312_xhtml

Arline, K. (2014, December 14) PEST Analysis: Definition, Examples & Templates. Retrieved on April 25, 2017 from http://www.businessnewsdaily.com/5512-pest-analysis-definition-examples-templates.html