Contemporary organisations have to face various uncertainties and market changes for which the management try to access its performance at regular interval of business course. Development tools can be defined as techniques that are utilised by management to ensure competitive advantage in every organisational activity to provide best decision making and predictions for future performances (Anna, 2015). This essay will analyse two of the most significant development tools used immensely by contemporary organisations while making internal and external assessment and gaining information about organisation’s competitive position.
SWOT analysis is a development tool that is used by managements to formulate organisation’s strategic planning and strategic management. It helps in building organisational strategy effectively and gives base for determining firm’s competitive strategies (Gurel & Tat, 2017). Nestle is one of the most prominent brands dealing in dairy and food products worldwide including Australia, America, Asia and European countries (Nestlé, 2018).
To determine successful selection of strategies and business-related decisions, examining internal and external environment of GlaxoSmithKline through SWOT analysis will prove significant as it helps in balancing organisation’s internal strengths and weakness against environmental threats and opportunities ( Osita, et al., 2014).GlaxoSmithKline (GSK) is a firm dealing in bio-chemistry i.e. pharmaceutical and chemical industry in Australia.
Competition have always proved critical force for organisations while performing organisational activities regardless the industry they belong to (Indiatsy, et al., 2014). Although there are many development tools present in literature, most of the researchers and authors prefer five forces analysis model since it is perceived to be the best for analysing competitive environment of the firms ( Omsa, et al., 2017).
Conclusion
The above essay has explained what strategy development tools are and after applying these tools in real life industries, it can be said that strategy development tools plays a significant role in smooth running of businesses. The above essay has applied SWOT analysis and Porter’s Five forces analysis in bio-chemistry and a dairy food company and found out how these tools can be utilised to analyse both external and internal environment of the companies including industry rivalries.
References
Anna, A., 2015. Strategic Management Tools and Techniques and Organizational Performance: Findings from the Czech Republic. Journal of Competitiveness, 07(03), pp. 19-36.
GlaxoSmithKline Australia Pty Ltd., 2018. GlaxoSmithKline Australia: About Us. [Online]
Available at: https://au.gsk.com/en-au/about-us/
[Accessed 08 12 2018].
GSK Australia, 2017. Responsible Business Highlights Report 2016. [Online]
Available at: https://au.gsk.com/media/388915/gska_responsible_business_report_2016.pdf
[Accessed 08 12 2018].
Gurel, E. & Tat, M., 2017. SWOT Analysis: A Theoretical Review. The Journal of International Social Research, 10(51), pp. 994-1006.
Indiatsy, C. M., Mwangi, M. S., Mandre, E. N., Bichanga, J. M. & George, G. E., 2014. The Application of Porter’s Five Forces Model on Organization Performance: A Case of Cooperative Bank of Kenya Ltd. European Journal of Business and Management, 06(16), pp. 75-85.
Nestlé, 2018. Nestlé in Oceania. [Online]
Available at: https://www.nestle.com.au/aboutus/home/nestle-australia-company
[Accessed 08 12 2018].
Omsa, S., Abdullah, I. H. & Jamali, . H., 2017. Five Competitive Forces Model and the Implementation of Porter’s Generic Strategies to Gain Firm Performances. Science Journal of Business and Management, 5(01), pp. 9-16.
Osita, I. C., R. , I. O. & Justina, N., 2014. Organization’s stability and productivity: the role of SWOT analysis an acronym for strength, weakness, opportunities and threat. International Journal of Innovative and Applied Research, 02(09), pp. 23-32.
Varma, G. . R. & Ravi, J., 2017. Strategic Analysis on FMCG Goods: A Case Study on Nestle. International Journal of Research in Management Studies, 02(04), pp. 12-22.
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