Assignment Part of PGDBA

Analysis of External Environment Opportunities and Threats: Economic,

Technological, Competitive, Political, Social and Cultural.

SUBMITTED BY

DIPANJAN MUKHERJEE

COURSE: POST GRADUATE DIPLOMA BUSINESS

ADMINISTRATION

SEMESTER/YEAR: 2020-21

ENROLLMENT NUMBER: 200755156336

SUBMITTED TO
SINGHANIA UNIVERSITY

Submitted By Dipanjan Mukherjee

Enrollment Number 200755156336
Assignment Part of PGDBA

Analysis of External Environment Opportunities and Threats: Economic, Technological,

Competitive, Political, Social and Cultural.

Abstract

This study on SWOT, qualitative and descriptive in nature. It will examine SWOT Analysis
in a historical, theoretical, time frame perspective, as an effective situation analysis technique
which plays an important role in the fields of marketing, public relations, advertising and in
any fields of requiring strategic planning. SWOT Analysis is an analysis method used to
evaluate the ‘strengths’, ‘weaknesses’, ‘opportunities’ and ‘threats’ involved in an
organization, a plan, a project, a person or a business activity. In this qualitative and
descriptive study, firstly the position of SWOT Analysis in the strategic management process
is explained, secondly the components of SWOT Analysis is examined. The study includes
an international sports wear brand’s SWOT Analysis; historical origins of SWOT,
advantages-disadvantages and the limitations of SWOT are also reviewed.

Keywords: Framework,Analysis ,Supply Chain,Environment,Marketing

SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to

evaluate a company's competitive position and to develop strategic planning. SWOT analysis
assesses internal and external factors, as well as current and future potential.

A SWOT analysis is designed to facilitate a realistic, fact-based, data-driven look at the

strengths and weaknesses of an organization, initiatives, or within its industry. The
organization needs to keep the analysis accurate by avoiding pre-conceived beliefs or gray
areas and instead focusing on real-life contexts. Companies should use it as a guide and not
necessarily as a prescription.

How to Do a SWOT Analysis?

SWOT analysis is a technique for assessing the performance, competition, risk, and potential
of a business, as well as part of a business such as a product line or division, an industry, or
other entity.

Using internal and external data, the technique can guide businesses toward strategies more
likely to be successful, and away from those in which they have been, or are likely to be, less
successful. Independent SWOT analysts, investors, or competitors can also guide them on
whether a company, product line, or industry might be strong or weak and why.

A Visual Overview

Analysts present a SWOT analysis as a square segmented into four quadrants, each dedicated
to an element of SWOT. This visual arrangement provides a quick overview of the
company’s position. Although all the points under a particular heading may not be of equal

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importance, they all should represent key insights into the balance of opportunities and
threats, advantages and disadvantages, and so forth.

Strengths

Strengths describe what an organization excels at and what separates it from the competition:
a strong brand, loyal customer base, a strong balance sheet, unique technology, and so on. For
example, a hedge fund may have developed a proprietary trading strategy that returns market-
beating results. It must then decide how to use those results to attract new investors.

Weaknesses

Weaknesses stop an organization from performing at its optimum level. They are areas where
the business needs to improve to remain competitive: a weak brand, higher-than-average
turnover, high levels of debt, an inadequate supply chain, or lack of capital.

Opportunities

Opportunities refer to favorable external factors that could give an organization a competitive
advantage. For example, if a country cuts tariffs, a car manufacturer can export its cars into a
new market, increasing sales and market share.

Threats

Threats refer to factors that have the potential to harm an organization. For example, a
drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield.
Other common threats include things like rising costs for materials, increasing competition,
tight labor supply. and so on.

SWOT is an acronym used to describe the particular Strengths, Weaknesses, Opportunities,

and Threats that are strategic factors for a specific company. A SWOT should represent an
organization’s core competencies while also identifying opportunities it cannot currently use
to its advantage due to a gap in resources.

The SWOT analysis framework has gained widespread acceptance because of its simplicity
and power in developing strategy. Just like any planning tool, a SWOT analysis is only as
good as the information that makes it up. Research and accurate data is vital to identify key
issues in an organization’s environment.

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What is SWOT Analysis?

SWOT analysis is a structured process used by an organization in developing a strategic plan

for goal and mission accomplishment. SWOT analysis consists of examining an
organization's strengths, weaknesses, opportunities and threats in its business environment.

You can also think of SWOT analysis as the process of asking four important questions:

 What makes us strong?

 What makes us weak?
 What opportunities are in the marketplace upon which we can capitalize?
 What type of threats are out there that can undermine our organization, its goals, and
its mission?

SWOT explores two types of environments: the internal environment, which focuses on
strengths and weaknesses, and the external environment, which focuses on opportunities and
threats. Today we'll be looking at the external environment, or external opportunities and
external threats.

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CONCEPTUAL FRAMEWORK

A SWOT analysis evaluates the internal strengths and weaknesses, and the external
opportunities and threats in an organization’s environment. The internal analysis is used to
identify resources, capabilities, core competencies, and competitive advantages inherent to
the organization. The external analysis identifies market opportunities and threats by looking
at competitors’ resources, the industry environment, and the general environment. The
objective of a SWOT analysis is to use the knowledge an organization has about its internal
and external environments and to formulate its strategy accordingly. This article provides a
toolkit of templates to conduct a SWOT analysis and discusses practical insights on how to
formulate strategic decisions.

ANALYSIS OF INTERNAL STRENGTHS AND WEAKNESSES

The internal analysis of the organization is critical in identifying the source of competitive
advantage. It pinpoints the resources that

need to be developed and sustained to remain competitive. By definition, competitive

advantage must be unique to the firm to generate profits above the industry average. The
strategic management process starts with an in-depth evaluation of the organization by
looking at its internal resources and capabilities, these being the source of its core
competencies, which in turn create a competitive advantage. Resources are defined as the
tangible or intangible inputs required to produce a product or service. Tangible resources
include raw materials, premises, machinery, and equipment. Examples of intangible resources
are financing, technology, human capital, supplier networks, sales force structures,
distribution networks, patents, trademarks, customer base, brand equity, and firm reputation.
Resources can be combined and developed into capabilities, which in turn creates core
competences. Capabilities are defined as the firm’s capacity to make efficient use of internal
resources, and its ability to combine them into competitive products and processes.
Examples of strategic capabilities are the following: developing innovative technology
products, reducing the time to market, creating more efficient distribution channels and retail
outlets, capturing the consumer’s attention through marketing, and managing customer
relationships to gain long-term brand loyalty. Core competencies are derived from
capabilities and, if they are unique in the industry, they will create sustainable competitive
advantage for the firm. How an organization turns its capabilities into core competencies is
less visible to rivals, making competencies difficult to understand and imitate.

The components of an internal analysis of strengths and weaknesses are the firm’s resources
into the functional categories of financial, managerial, infrastructural, suppliers,
manufacturing, distribution, marketing, and innovation resources. Financial resources are
defined as the extent to which an organization has access to capital. Organizations with high
brand equity and a high reputation are likely to have access to less expensive sources of
finance. The cost of capital is lower for established companies and higher for operations that
have a risk of failure. Other sources of finance are derived from a balanced business portfolio
that has a good mix of cash generating products, which make up for costly products that are
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in the introductory phase of their life cycle. Some organizations may opt for high levels of
gearing, where interest on capital is likely to diminish profits. A strong cash flow position for
an organization is vital to buy in resources that will sustain operations and growth in the long
term.

Managerial resources create the competencies of an organization in relation to the planning,

control, and the leading of functions. For example, historically, football teams have relied on
the strengths of a single outstanding player such as Pele and Maradona amongst others for
their success. Commercial football clubs have changed their strategy from depending on
individual high performers to depending on dynamic teams. High-ranking football clubs such
as AC Milan and Manchester United focus on developing and renewing a pool of highly
skilled players and a management style that rewards team performance.

Infrastructural resources are the backbone of the company allowing operations to run
efficiently while providing information to improve the current processes. Examples of
infrastructural resources are computerized systems for finance, accounts, procurement,
internal processes, production, stores, marketing, sales, logistics, and customer relationship
management. The analysis can go a step further by evaluating the platforms on which the
systems run, such as computer based, mobile, and cloud platforms that may increase usability
across the organization’s departments and employees.

External Analysis

External analysis means examining the industry environment of a company, including factors
such as competitive structure, competitive position, dynamics, and history. On a macro scale,
external analysis includes macroeconomic, global, political, social, demographic, and
technological analysis. The primary purpose of external analysis is to determine the
opportunities and threats in an industry or any segment that will drive profitability, growth,
and volatility.

Key Terms in External Analysis

To begin the discussion on external analysis, we must define two terms:

Industry is a group of companies offering products or services that are close substitutes for
each other. Examples of an industry include soft drinks, mobile phones, and sportswear.

Market segments are distinct groups of customers within a market that can be differentiated
from each other based on individual attributes and specific demands. Market segments can be
separated by characteristics such as geography, demography, and behavior.

Supply Chain

In order to conduct a thorough external analysis, the company needs to analyze its supply
chain. A company’s supply chain is the system involved in converting a product or service
from raw materials into finished goods and then transporting finished goods from the supplier
to the consumer. All logistical issues and steps are part of the supply chain.
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The image below shows a common supply chain for a manufacturing company: Raw
materials are brought from the supplier. The raw materials are moved to the manufacturer to
make completed goods. The completed goods are distributed and moved across separate
retailers, and then from the retailers, they end up in the hands of consumers.

Supply Chain for e-Commerce

The supply chain for e-Commerce companies differs from the traditional supply chain of
brick and mortar stores. As the following graphic shows, we begin with the e-Commerce
domain. Consumers select the products they want to purchase, and the payment is dealt with
through a third-party payment manager (e.g., PayPal). The selected products are moved to a
warehouse wherein they are prepared for shipping. The products are shipped to customers
who return to the same site and continue the cycle again. This is the common supply chain
cycle for e-Commerce companies such as Amazon or Alibaba.

Strategic Groups

Strategic groups within an industry can be identified by factors such as:

 Choice of distribution channels

 Market segments
 Level of product quality
 Technological leadership
 The degree of vertical integration
 Pricing policy
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A strategic group exists if the performance of a firm in an industry group is a function of

group characteristics, controlling firm and industry characteristics. Customers tend to view
products of companies in the same strategic group as direct substitutes for each other (Coke
vs. Pepsi). Different strategic groups can have different relationships with each of the
competitive forces. Thus, each strategic group may face a different set of opportunities and
threats.

An initial step to identifying strategic groups is to build a strategic group map. A strategic
group map plots clusters of rivals in a two-dimensional matrix using strategically relevant
dimensions, which help identify the most probable competitively relevant companies. It is
also useful for realizing mobility barriers that inhibit the repositioning of firms within
industries from one strategic group to another.

Competitive Analysis

We now move into a competitive analysis of the industry. Market structure and competitive
environment are defining factors in the future success of a business. There are six key factors
that determine the level of competition in an industry:

1. Intensity of industry rivalry

It measures the level of concentrations of rivals. Factors to determine the intensity of industry
rivalry include product homogeneity, brand loyalty, and consumer switching costs.

2. Threat of potential entrants (Barriers to entry)

It measures the difficulty for newcomers to enter the industry. Factors to determine barriers to
entry include brand loyalty, excess production capacity, and government regulation.

3. Bargaining power of buyers

This measures how much power consumers have in determining the prevailing price in a
market. Buyers’ bargaining power is high when buyers are large and concentrated, and
buyers’ price sensitivity is high when there are many industry competitors and substitutes.

4. Bargaining power of suppliers

This measures how much a supplier of materials is able to restrict the company’s business
strategy. The bargaining power of suppliers is high when suppliers are large or concentrated.
Purchasers’ price inelasticity is high when there are few alternative suppliers and when there
are few substitute inputs.

5. Threat of substitute goods/services

This measures the chances that competing goods of a similar nature will threaten a
company’s offerings. It is more likely to occur when switching costs are low or when
substitutes offer superior price to performance characteristics.

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6. Power of complementary good/service providers

It measures the level of impact of companies that produce complementary products.

Complements add value to products in an industry. If complements are weak and unattractive
they can become a threat that slows industry growth and limits profitability.

Industry Life Cycle

The industry life cycle describes the natural stages of an industry as time progresses. An
industry life-cycle consists of start-up, growth, shakeout, maturity, and decline stages.

Start-up is characterized by very low competition. Barriers to entry are abased on access to
key technological know-how.

Growth is characterized by the low threat from potential competitors due to rapid growth in
demand.

Shakeout is characterized by a rivalry between companies becoming intense; companies cut

prices to increase demand.

Maturity is characterized by the threat of potential entrants decreasing and product

segmentation.

Decline is characterized by fierce rivalry between established companies.

PEST Analysis

To round off external analysis, a company must conduct an examination of the Political,
Economic, Social, and Technological landscape of the industry, otherwise known as a PEST
analysis.

 Political: Issues such as international trade barriers and regulatory environment

change.
 Economic: Issues such as interest rates, exchange rates, and inflation.
 Socio-demographic (Social): Issues such as population and age cohort changes.
 Technological: Issues such as scientific advances, R&D investment, and emerging
technologies.

The main purpose of PEST analysis is to test for any major external shifts in the industry.
Business plans and strategies need to be updated to conform to prevailing industry trends.

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Theoretical framework

Strategic analysis

The Organization's environment is part of the factors that contribute and increase their
success,

which encounter business environment at a high degree of change and complexity, because
what happens in changes and modifications in the rules, as well as the policies and methods
used, in order to achieve the organization mission and objectives; not enough to identify
opportunities or environmental constraints in the environment of the Organization, but the
Organization must be familiar with those opportunities and constraints, threats, and develop
strategies that lead to invest opportunities and identify constraints or threats or narrowed or
adapt to achieve goals and maximizing potential and resources (Al-Moursy, 2007).

The business world has become quick and variable, and this change was reflected on the
business environment, where impose them to develop strategies to respond with this change
that appeared as a result of the enormous developments occurring in the organizational
environment (Al-Omari and AlSamurai, 2008). Business organizations need to disclose
internal and external environment, by collecting data by traditional and untraditional
methods, and delivered to managers to analyze and determine the future strategy of the
organization (Habtour, 2005), and changes in the internal and external environment is one of
the most important issues affecting organizational performance (Al-Omari and Al-Samurai,
2008). Strategic analysis is the main ingredient to determine the appropriate strategic choices,
which is important to pursue environmental changes, in order to identify strengths and
weaknesses in the Organization's internal environment and discover the opportunities and
potential threats in the external environment, and therefore contains a set of operations
focused to determine the dimensions and overall enterprise environment variables, as great
importance in the interaction between the enterprise as an open system and its environment,
and a main way to building and maintaining competitive advantages (Ghanema, 2005).

Strategic planning effectiveness lies in the strategic analysis of the external environment of
the Organization to extrapolate the opportunities and potential threats, and analyze the
internal environment to identify strengths and weaknesses, and thus generate alternatives and
make coordination and cooperation between all activities to implement organization strategy
to their goals and mission.

Organizations must – at the same time-not to rely on the past as a guide for planning, and
remain under the influence of previous thinking, will lose the flexibility to turn change into
opportunity (Ghanema, 2005).

Concept of strategic analysis

Strategic analysis is an important stage of strategic management process includes detecting

and discuss a range of issues that require strategic solutions, meaning identify opportunities
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and threats contained in the external environment and match internal strengths and
weaknesses of the organization, and this match enable organization to determine the possible
strategic orientations, taking into account the objectives and goals (Lastrada, 2011). Strategic
analysis is a 'clarifying the future to decide what constitute opportunities, possible threats,
strengths and weaknesses to chose the strategy to invest opportunities and threat protection in
light of the strengths and weaknesses of the organization' (Bernoti, 1992). Al-Husseini (2006)
refers that strategic analysis is a set of sequential stages and slipstreamed aims to study and
analyze the factors influencing changes in the trends and future of economic unity, and
determine the effects of these changes within the internal environment and external
environment and study the nature of internal relations and interactive between these changes.
Al-Doury (2003) agrees with the previous concept indicates that strategic analysis is a set of
tools used by strategic management to

diagnose the extent of change in the external environment and identify opportunities and
threats, and to diagnose the attributes or features in the economic unit to control their
environment, in a way to helps achieving a positive relationship between strategic analysis of
environment and determining the goals of economic unit and the strategy required.

The goal of strategic analysis is to constitute a clear vision of the strategic situation of the
organization, the basic factors that will affect the organization in the short and medium term,
and choose the appropriate strategy, information is gathered from several sources, it takes
time to collect them, this requires accurate information collection method for validity, and
this also requires from the people responsible for analytical process to have the experience,
expertise, and foresight, to have honest analysis (Al-Hariri, 2007).

Strategic analysis defined by Yazed (2010) as 'a careful analysis of organization situation
through two foundations, firstly in the external environment, and the second is the internal
environment, where the first dimension requires environmentally analysis externally to detect
opportunities and threats, and the second requires internal analysis to determine strengths and
weaknesses’.

Environmental analysis elements

Environment analysis of organization may be defined as: 'environmental scan of political,

economic, social, technological, legal and strategic factors to identify strategic factors
(Wheelen and Hunger, 2004).

And when doing environmental analysis (strategic); this analysis involves analyzing the
internal and external environment analysis.

 Internal Environment: Internal environment analysis means a detailed look into the
organization, to determine performance levels, the areas of strength, and areas of
weakness, in addition to the restrictions, through a comprehensive analysis of the
current situation, input elements and the actual position of the organization, to identify
the true potential, and its ability to build effective strategies contribute to take
advantage of the strengths, and compensate of weaknesses (Omary, 2007).
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Organizations care to analyze and evaluate all internal factors, to identify strengths
and weaknesses of each factor of internal factors, using the results of the analysis of
the external factors, which helps to make strategic decisions and choose appropriate
alternatives (Hines, 2007).

Yusuf (1999) refers that the analysis of the external environment for any organization
(opportunities and challenges) insufficient from strategic point since it has to analyze internal
environment (strengths and weaknesses). They must look at detailed within organization for
determining performance levels and areas

of strength and areas of weakness, as well as limitations, such analysis be richer and deeper;
analogy to analyze the competition due to its importance in building the strategy and too
much information about the areas covered, builds internal analysis to detailed information on
sales, profits, costs, organizational structure, management style (Idris and AlMoursy, 2006).

Internal environment includes two elements:

 Strengths are the available things that contribute positively to the work, or properties
that give the organization a good potential foster strength and contribute to complete
work with skills and experience.

Strengths are represented by financial resources, availability of managerial and organizational

competencies, high capacity to compete, and a prominent name and strong reputation.

 Weaknesses: represented by the points that indicate to low or poverty in the

organization's potential, especially when compared with competing organizations
resources, or is the situation that makes them unable to compete, or in the case that
forcing organization not to reach competitive advantage such as poor physical and
human resources, and failed by research and development, as well as poor marketing
skills.
 External Environment: Daft (2004) defines the external environment as: ' is a holistic
framework for the range of factors affecting the Organization, where they form a
complex relationship, and is located outside the organization that possesses the ability
to influence at all or part of the organization. The external environment includes two
elements ' (Al-Doury, 2005):
 Opportunities: are those circumstances surrounding the organization in a particular
place, in a specific time period, the organization can exploit those conditions to
achieve strategic goals, successful organizations don't wait for opportunity to come
forth, but must work hard and constant research to create and exploit them to
maximize their goals and achieve competitive advantage.
 Threats: are those possible events which if it happens, will cause a danger or adverse
effects to the organization. Hunger and Wheelen (2010) finds that the analysis of the
external environment to identify opportunities and threats are not sufficient to achieve
competitive advantage, but also to be seen within the organization to determine the
strengths or weaknesses.
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SWOT analysis matrix

The term strategic analysis (SWOT) is developed first Harvard Business School and based on
two dimensions: first, external and give importance to competitive business environment
analysis to diagnose the chances for growth and excellence (Opportunities) and avoid
(Threats) that might lead to a weakening of competition, the second dimension, take care to
resource and capability analysis (Strengths) that support the incompatibility of business
building and development issues in sustainable strategic advantage any properties, attributes
and core competencies that contribute in determining the competitive performance, and avoid
the weak points (Weakness) set out to build a strategic centre featured to business

(Abid, 2008) The method of SWOT Analysis of the most common ways into internal and
external environmental analysis, reveal the strengths and weaknesses of the internal
environment and the opportunities and threats that exist in the external environment, the
organization that sets the strategic plan and did not take the important elements of internal
and external analysis; will put itself in danger (Al-Daher, 2009). SWOT Analysis support to
create a strategy that will enable the organization to focus on strengths and investing
opportunities or strategic path changes, resorting to defensive strategies when there are
changes in the external environment (Al-Tikriti and Al-Alaq, 2006) This is known as ' SWOT
Analysis ' where stands the character (S) to the word 'Strength ' or force elements, symbolic
character (w) to the word ' Weaknesses ' of any elements of vulnerability and were related to
the internal environment, as symbolized by letter (O) to the word ' Opportunities ' any chance
of success, symbolized by a character (T) to the word ' Threats ' any threats, which relate to
the external environment, these short and easy way to collect and process information
(Davies and Ellison, 2003).

Competitive capabilities

The world is experiencing great economic transformations, especially with the emergence of
the phenomenon of economic globalization, which arose on new economic conditions impact
on the liberalization of international trade and rapid access to institutions around the world,
leading to increased competition among them, and make many developing countries turning
to thinking towards building an economic base make them gain a competitive position in the
global market, so any organization to reach those objectives, should improve the best use of
available resources, and to control the various costs and find ways to reduce them, because
the costs are no longer just a way to measure the actual expenses within the organization, but
have become an important reduction of lower product prices, especially given that many
economists believe that the strength and competitiveness of the Organization lies in their
ability to reduce the prices of their products, as cost minimization became used as a
competitive strategy work through the organization to achieve less expensive than
competitors in their products and services as permitted by occupying a better position in the
market, as well as increase their profitability (Ibrahim,2011).

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The survival of small and medium-sized enterprises linked to their effectiveness and speed in
interaction with environment, among the most effective means is to promote and strengthen
its status and its competitive capabilities (Ahmed, 2013). The concept of competitiveness has
filled an important space and places in the areas of strategic management and business
economics, competitive capability represents the important strategic element which helps to
seize opportunities and offers significant and real opportunity, to provide sustained
profitability organization compared with its competitors.

Competitiveness is the source that enhances the company's position to achieve economic
benefits (Bashiti et al., 2009).

Competitive capability concept

Competitive is the source that promotes the company position through achieving economic
benefits, through their excellence on its competitors in the areas of product, price, cost (Al-
Nady et al., 2013), and therefore focus on productive processes (Betlis et al., 2010).
competitive capability defined as: the organization's capacity to formulate and implement
strategies that make them a better competitive position for similar organizations working in
the same activity (Mustafa, 2008), which requires the availability of essential elements of the
organization's resources, the most important of these elements:distribution and appropriate
allocation of all stakeholders (Al-Qoutb, 2002), and from these basic elementsalso-company
resources and follow international standards which allow transmission of the organization to
global market competition (Richard et al., 2012).

Covin et al. (2010) defines competitive capability as (feature or group of features owned by
the organization and distinguishes it from other organizations, attain organization a strong
stand on various parties. competitive capability may be defined: as the means through which
the organization could beat its competitors (Macmillan and Mahan, 2010), competitive
capability is a skill or technique or outstanding resource which enables the organization to
provide values and benefits for customers than provided by competitors, and confirms the
excellence and diversity of these competitors from the viewpoint of customers who accept
this difference and distinction, so bring them more benefits and values that transcend their
other competitors offer (Al-Selmy, 2011).

Lui (2008) pointed out that competitive capability of the company: is the company ability
which brings perspective to the Organization more competitive position in the product
market, means that the company's access to advanced competitive position in the market.
Abraham (2011) defines competitive capability of the organization: it expresses the capacity
of the organization to obtain a competitive centre of the other organizations, which are
working with the same activity, whether local or foreign, and its ability to implement
strategies enabling continuous monitoring of these competitors.

Competitive capability arise once the company has reached to employ new methods more
effective than those used by competitors, they come by offering new services and
development through learning capabilities, market supervision and control, competitive

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capability also arise once the company has reached to discover new ways more effective than
those employed by competitors (Stevenson, 2007).

Dimensions of competitive capabilit

There are several dimensions of Competitive capability when providing their services and
meet market demands to enhance Competitive capability (Wearawardena and Mccoll-
kennedy, 2012):

 Quality provided: Quality means different individuals or different worldview to banks

against expectations of individuals (Al-Hawary and Metabis, 2012; Al-Hawary, 2012;
Al-Hawary, 2013a; Al-Hawary, 2013b), so that the properties of the product will meet
customer satisfaction, so it should be reliable and efficient product to meet the needs
of the customer (Atem and Yella, 2007). The quality is closely associated with two
concepts, first, focus on provided product, second customer focus, from the
perspective of a beneficiary means the design quality and from the perspective of
product, it does mean conformity to specifications. The perceived value is a
comparison between the cost of providing the product for customers, and the benefit
from the product (Kotler and Keller, 2009).

Quality is a process includes: meeting the needs of current and future customers needs,
Quality is a renewed concept, because it is linked to the needs of customers. The concept of
quality is not limited to products, but also to services, quality process that starts from the
customer and also end customer (AlHawary and Haddad, 2016; Al-Hawary and Abu-Laimon,
2013; Al-Hawary and Metabis, 2013).

 Cost minimization: organizations-particularly banks focus on cost reduction through

its attempt to provide goods and services to their customers at a lower cost than its
competitors, by having the best and most appropriate technology elements to
compete, as well as the recruitment of human resources optimally and efficiently
marketing processes, and efficient delivery service (Dilworth, 2006).
 Responsiveness: Responsiveness is an important dimension of competition between
organizations by reducing the duration and speed in the design and delivery of new
products to customers in the shortest possible time, and that means reducing the time
it takes when receiving customer requests for services, and handing them such
services permanently (Slack et al., 2004).

To achieve a competitive advantage of the Bank based on reducing the time for customers,
through several components, including: rapid delivery and rapid development, where speed
of service provision, the time between the emergence of an idea through design to provide
service in its final shape, cut a new servicing markets, reduce cycle time, and reduce the cost
of service rendered, rendering elasticity (reducing time of the conversion or change of service
delivery processes) comply with specific timetables in dealing with clients (Mostafa, 2006).

 Innovation: 'New idea is implemented in order to develop production, process or

service, and can range from the impact of innovation in organizations of minor
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improvements to performance, to make substantial development and enormous, and

can incorporate these improvements, production, and new ways of technology,
organizational structures, management systems, as well as new plans and programs
relating to individuals'. In the same context, innovation may be defined as ' applying
the idea developed within the Organization, or borrow it from outside the
Organization, whether related to the product, method,, system, process, policy,
program or service, it is new to the organization where it is applied' (AlHarahsheh,
2006).

PEST Analysis – External Business Environment Analysis

A PEST analysis is a way to analyze the general external environment of an organization.

Every organization has an external environment. The external environment is quite important
because it is the environment in which a company operates. PEST analysis is a useful tool for
understanding the “big picture” of the environment in which industry is operating, and
environmental understanding will bring the advantage of the opportunities and guide to
minimize the threats. PEST components are Political, Economic, Social and Technological.

The PEST analysis is used to identify forces in the macro-environment that are affecting the
business at present and are likely to continue to affect the business in the future. Macro-
environmental analysis is interested in factors in the wider environment that influence the
demand for the product or service offered by a company; demand for the product or service;
the manner in which the product or service is distributed; the price that is charged for the
product or service; as well as the manner in which organizations compete with each other.
The task environment of a firm is the environment of an organization that directly affects the
organization. The customers, suppliers, competitors and labor market of a firm belong to the
task environment. PEST analysis is important due to the following reasons:

 PEST analysis helps to assumes the realities of the business environment

 PEST analysis the organizations which are doing highly with the powerful forces
which change the ongoing business environment.
 The advantage of the PEST analysis, the organization would be successful in their
operations.
 PEST analysis helps the company to take the action for the reasons beyond its control.

PEST analysis components are Political, Economic, Social and Technological.

P- Political Factors

 Structure of federal Government

 Stability of government
 Policy decision making process
 Speed of decisions
 Political interference
 Monetary and fiscal policies
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E- Economical Factors

 Government approach for economic development

 Growth of industry sectors
 Purchasing power of buyers
 Surplus available for consumption
 Consumption patters
 Homogeneity and heterogeneous market
 Potential growth of market
 Global factors

S-Social Factors

 Culture of society
 Education standard and literacy level
 Population growth rate
 Demography
 Social security measures
 Focus on development
 Life style
 Ethical and religious factors

T-Technological Factors

 Research and development activity

 Automation
 Systems
 Technology incentives
 Rate of technological change
 Technology advancement
 Innovation potential
 Technology access, licence and patent procedures

Purpose of PEST Analysis

There are many purposes for doing the PEST analysis like when we want to expand or start
our business in the global market, then by the help of PEST analysis we can assess the
perspective market, assess the competitors and standpoint for the perspective business as
well.

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The main purpose of analyzing the PEST in macro-environment is, it is very considerable
that we should identify the important factors which might affect or change the vital variables
which do influence any company or organization’s supply and demand levels and its costs of
production factors. In the macro-environment, there are so many factors available which
affects heavily the organisation activities. These factors influence the organisation’s Demand
and Supply levels to its cost. The Rapid Changes is now a part of the environment which
gave a heavy impact on the function of the organization. A number of checklists are now in
market which can be use in analyzing the external and internal issues of the industry. A PEST
Analysis is one of them. In the present time PEST Analysis is very essential for an
organization. What PEST Analysis does is, it categorizes the environmental factors into four
parts. They are; political, economic, social and technological forces. PEST Analysis analyse
the impact of each of the factor on the business. Then a result came out after the analysis. A
business then use this result to take advantage of the opportunities and business also use the
results to take important decisions for threats while preparing for the business and strategic
plans.

It is very much important to understand the market growth or decline, Position and potential
of the business and also the direction of operations. For knowing and understanding all this,
PEST Analysis is a best tool for an organisation. The factors involve in PEST are actually a
framework for analyzing the actual situation.

Strategic Planning: Strategic planning of a business is affected not only by internal and
external factors but also by the factors available in the macro environment. Pest analysis is
the tool which scans and analyse the factor of external environment which are Political,
Economic, Social and Technological. These factors affect the business as well as
organisation’s activities and operations. PEST Analysis helps business and organisation to
know these data and to do strategic planning in a better way.

Marketing Planning: The next important function which PEST helps to do for the business
is Marketing Planning. PEST analyse about the market segmentation and customer
segmentation that what segment should be target by the company. It also explain what makes
the company’s proposition different to those of competitors, presenting details of why target
customers will choose to purchase the company’s product or service. All this can only be
possible because of PEST Analysis.

Business and Product Development: As PEST is known as an important tool for the
business organization. The next purpose of the PEST is Business development as well as
product development. After analyzing the factors in external environment PEST shows the
result to the business management. On the basis of this result management of the company
decides that what to do regarding that, as in if the business require any change or
development. And in the same case is the product of the company is requiring any
development regarding anything. If result of the analysis displays that business or product are
requiring certain changes and development then the management start taking decision and
start making plan regarding that. When a company decides to enter into a new market and
also a new market of a new country PEST is useful in that also. How is it is, PEST helps the
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business to adopt the realities of the new environment and also helps to break free
unconscious assumptions of the new market in a new country.

Human, Social, and Intellectual Capital as a Means of Competitive Advantage

We often hear economists and management experts exhorting nations and firms to invest in
human, social, and intellectual capital. these calls range from asking governments to set aside
substantial amounts of money to educate and skill the workforce as well as asking the firms
and governments to create a web of social relationships in addition to moving up the value
curve by investing in research and development. Before we launch into a discussion about
how these measures would benefit nations and firms, we should first define what is meant by
human, social, and intellectual capital.

In the same manner in which financial capital and physical infrastructure are the factors of
production, a skilled workforce is a vital component and determinant of a firm’s success. This
means that firms need workers who are educated and skilled and are employable and
efficient. Economists and management experts talk about this human capital. In the same
manner in which an educated and skilled workforce raises the productivity of firms, nations
also benefit from having a ready pool of workers who are skilled and capable. Just as firms
need to hire these workers, it is upon the nation to provide them the basic education and skills
both through subsidized education and through the provision of skills through vocational
training or teaming up with the private sector in a PPP (Public Private Partnership) model to
impart education to the workers.

Next, social capital is what is the result of the networks of relationship between individuals,
communities, and the ties that bind them in the broader society. You might ask as to why it is
important for firms and nations to have social capital in addition to human capital. The
answer is that just as the firms need educated and skilled workers, the broader society to be
healthy and well functioning needs workers and individuals to be tightly knit into the fabric
of society. This social capital leads to less crime, more productivity, more efficiency, and the
formation of communities that are self-sustaining and which are incubators of physically,
mentally, and emotionally healthy and intelligent individuals.

Third, just as human capital and social capital lead to better productivity and a workforce that
is efficient, the next evolutionary step for firms and nations once they have actualized human
and social capital is through moving up the value chain by filing patents, encouraging
research, and innovating as well as leading to the creation of an economy that is characterized
by these aspects. Therefore, it is important to note that in addition to human and social
capital, intellectual capital is also needed for firms and nations to forge ahead in the race to
deliver and actualize superior economic value.

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As can be seen from the fact that human capital leads to higher productivity and efficiency
and social capital leads to emotionally intelligent workers, intellectual capital leads
economies and nations into the orbit where they can be challenged only by those competitors
who have mastered all the three aspects of evolutionary value creation. Indeed, one of the
reasons (as we shall discuss in detail in the next section) for the relative ascendance of the
west over the east and which continue s to this day is that the former have successfully
invested in these forms of capital whereas the latter are playing catch-up and are now trying
to emulate them in their quest for economic growth.

Trajectories of Firms and Nations That Have Invested in These Capital Aspects

Why do Google and Microsoft in addition to AT&T, 3M, and Apple remain so profitable and
competitive? Why are some firms such as these more successful in generating patents and
innovating better than the rest of the competition? Further, why does Facebook generate such
valuations and is considered as one of the greatest ideas apart from the Smartphones and
Search Engines and the invention of the Personal Computer? The answers to all these
questions lies in the fact that these firms were able to first invest in their workforce or the
formation and incubation of human capital, next, they were able to leverage the college like
atmosphere and the free flowing ideas generated by their workforce which is the social
capital and third, these firms were able to move up the curve and indeed, continue moving up
the curve to reap the benefits of intellectual capital that follows from the first two forms of
capital.

Similarly, why is the United States such a dominant force in the global economy whereas
even China and India that have large populations of educated workers still are unable to
challenge its dominance? The reason for this is that the United States and largely, Europe
have substantially invested in educating and training apart from skilling their populations
over the last century and half and hence, are now reaping the benefits of such investments.
Moreover, by creating a system that encourages creativity and innovation instead of stifling
them, these countries have managed to move up the value curve and stay there. In addition,
whenever they felt that their economic dominance is under threat, these nations have always
found better ideas to become more efficient as can be seen from the Offshoring of
manufacturing to China and back office work to India. In this manner, they have retained
their focus on value creation using the three forms of capital in a way in which the rest of the
world is unable to do so even now.

As individuals, we too can ensure that we do our bit to accelerate the formation of these
forms of capital and this is through investing in oneself, forming networks with our peers,
coworkers, families, and communities so that we become more emotionally intelligent, and
then by continuously improving and leaving nothing to chance or becoming complacent
thereby being in a creative mode where ideas flow freely. Further, we can all become wiling
partners in the development of these forms of capital by making conscious choices that lead
us to better outcomes for everyone concerned.

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Organizational Strengths: Strength is the characteristic that adds value to something and
makes it more special than others. Strength means that something is more advantageous when
compared to something else. In this sense, strength refers to a positive, favourable and
creative characteristic. Strength at organizational level involves properties and abilities by
which an organization gains an advantage over other organizations and competitor
organizations that are revealed as a result of the analysis of its internal environment. In other
words, organizational strength defines the characteristics and situations in which an
organization is more effective and efficient compared to their competitors. An organization
can be described as strong, equal or weak compared to their competitors based on five
criterias: Relative market situation, relative financial structure, relative production and
technical capacity, relative research and development potential, relative human capacity and
management effectiveness (Dinçer, 2007: 145).

“A strength is something an organization is good at doing or a characteristic the organization

has that gives it an important capability” (Thompson and Strickland, 1989: 109). In this
context “a strength is a resource, skill, or other advantage relative to competitors and the
needs of the markets an organization serves or expects to serve. It is a distinctive competence
that gives the organization a comparative advantage in the market place. Strengths may exist
with regard to financial resources, image, market leadership,buyer/supplier relations, and
other factors” (Pearce and Robinson, 1991: 182).

Organizational strengths consist of the organizational competencies playing an active role in

achieving organizational goals. Before going into action when encountered a problem or
opportunity, an organization has to know the potential that it has and the aspects that makes it
more advantageous than its competitors. Being strong and having strengths are quite
important for an organization. Otherwise, the opportunities created by the outside
environment cannot be used. Moreover, the organization has to answer to the threats of the
outside environment by using its strengths. All these issues highlight the importance of
organizational strengths (Ülgen and Mirze, 2010: 161).

Organizational Weaknesses: Weakness refers to not having the form and competency
necessary for something. Weakness means that something is more disadvantageous when
compared to something else. In this regard, weakness is a characteristic that is negative and
unfavourable.

Weakness at organizational level refers to the situations in which the current existence and
ability capacities of an organization are weaker compared to other organizations and
competitor organizations. In other words, organization weakness means the aspects or
activities in which an organization is less effective and efficient compared to its competitors.
These aspects negatively affect the organizational performance and weakens the organization
among its competitors. Consequently, the organization is not able to respond to a possible
problem or opportunity, and cannot adapt to changes.

“A weakness is something an organization lacks or does poorly -in comparison to others- or a

condition that puts it at a disadvantage” (Thompson and Strickland, 1989: 109). In this
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context “a weakness is a limitation or deficiency in resource, skills, and capabilities that

seriously impedes an organization’s effective performance. Facilities, financial resources,
management capabilities, marketing skills, and brand image can be sources of weaknesses”
(Pearce and Robinson, 1991: 182). For the organization, it is as important to know its
weaknesses as its strengths. The reason is that no strategy can be built upon weaknesses. The
organizational weaknesses that have the potential to lead the organization to inefficiency and
ineffectiveness should be known and improved. Solving the existing problems that would
cause difficulties and limitations for long-term plans and strategies, and foreseeing potential
problems are obligatory.

Environmental Opportunities: Opportunity means a situation or condition suitable for an

activity. Opportunity is an advantage and the driving force for an activity to take place. For
this reason, it has a positive and favourable characteristic.

For organizational managements, an opportunity is the convenient time or situation that the
environment presents to the organization to achieve its goals. Opportunities are those that
would yield positive results for the organization determined as a result of the analysis of its
environment. Competition and the intense work presents organizations big opportunities. In
fact “opportunities are conditions in the external environment that allow an organization to
take advantage of organizational strengths, overcome organizational weaknesses or neutralize
environmental threats” (Harrison and St. John, 2004: 164).

 Environmental Threats: Threat is a situation or condition that jeopardizes the

actualization of an activity. It refers to a disadvantageous situation. For this reason, it
has a negative characteristic that should be avoided.

For organizational managements, a threat is the element that makes it difficult or impossible
to reach the organizational goals. Threats are the situations that come out as a result of the
changes in the distant or the immediate environment that would prevent the organization
from maintaining its existence or lose its superiority in competition, and that are not
favourable for the organization (Ülgen and Mirze, 2010: 161).

They can constitute an impediment to the success of the organization, and cause
unrecoverable damages.

All environmental factors that can impede organizational efficiency and effectiveness are
threats. The new world order formed as a result of globalisation involves both opportunities
and threats. This system enhancing opportunities as well as threats directs organizational
managements to be careful of and act more strategically on the developments in and outside
their environments.

External opportunities and external threats- refer to economic, social, cultural, demographic,
environmental, political, legal, governmental, technological, and competitive trends and
events that could significantly benefit or harm an organization in the future. Opportunities
and threats are largely beyond the control of a single organization -thus the word external.
Internal strengths and internal weaknesses are an organization’s controllable activities that
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are performed especially well or poorly. They arise in the management, marketing,
finance/accounting, production/operations, research and development, and management
information systems activities of a business. Identifying and evaluating organizational
strengths and weaknesses in the functional areas of a business is an essential strategic
management activity. Organizations strive to pursue strategies that capitalize on internal
strengths and eliminate internal weaknesses (David, 2003: 10-11).

“Understanding the story involves evaluating the strengths, weaknesses, opportunities, and
threats and drawing conclusions about (1) how the organization’s strategy can be matched to
both its resource capabilities and its market opportunities, and (2) how urgent it is for the
organization to correct which particular resource weaknesses and guard against which
particular external threats” (Thompson and Strickland, 2001: 127).

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