Business Finance Homework Help

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 my Discussion Board.  Glenda ShambleyUnit 2 DBColorado Technical UniversityQuestion 1The best tools to utilize in examining the industry and its competition is PEST Analysis and Porter’s 5 Forces Analysis. These tools support businesses to process facts within a relevant group of helpful details. With applying these tools, businesses may analyze the importance of a specific venture decide the details to think about although preparing to enter into the marketplace, shows the advantages and disadvantages of their industry competitors and what measures would be taken to contest the effect of competitors.Question 2PEST Analysis stands for: political, economic, social, and technological. Kenton (2020) states, Pest analysis is a management method whereby an organization can assess major external factors that influence its operation in order to become more competitive in the market. It’s a tool for reexamining a business’s environment, researching a theory, or establishing a thought-out strategy for a company. It gives groundwork for decision-making and assists in deciding strategic goals.The Porters’ five force analysis is an extremely helpful tool for industry strategists. It’s found upon the examination that profit margins change amongst businesses. The primary goal is to decide the marketability of an industry by supporting the business to firmly examine the five forces that manage a specific industry. Porter (1980) states, competitors for rivalry is affected by the following:Threats of new competitors: The help with what new rivals can join in the market whether it proves your business is producing great revenues and later push your cost downward.Supplier power: The skillfulness of vendors to boost the cost of your products.Buyer power: The intensity of your consumers to reduce your cost.Threats of substitutes: The level to which unlike goods and services might be applied in place of your own.Question 3In reference to the goals mentioned by Tiffany, PEST analysis is the best method in helping remove the internal factors besides the external factors such as political, environmental, socio-cultural, and technological facets of the chosen countries. Therefore, we are managing various countries and these facets are efficient amongst diverse geographic areas. Because the entire thing can be looked over out of distinct proportions and additional information is necessary for exceptional decision-making and a strategic plan. Porter’s five forces evaluate more facets concerning a market becoming the better tool between remaining. The major driving forces influencing the market could be acceptable hence showing the group further considerable details for the undertaking.Question 4To make certain that the previous tools are applied in the proposal, I’m determined to make a plan with designated time limits and have team members of each gathering can do an investigation utilizing the agreed procedures. The team members will adjoin as one discussion panel and exchange the data they gathered and comprehensive evaluation on the various states in distinct countries that were chosen.ReferenceBy the Mind Tools Content Team (n.d.). Porter’s Five Forces. Understanding Competitive Forces to Maximize Profitable. Retrieved from https://www.mindtools.com/pages/article/newTMC_08.htmKenton, Will (2020, November 14). Pest Analysis. Retrieved from https://www.investopedia.com/terms/p/pest-analysis.aspPorter, M. E. (1980). Competitive strategy: Techniques for analyzing industries and competitors. New York: Free.