Factors to consider in the Business Strategy
Well, starting when COVID 19 is around ourselves Governments, health organizations, Corporates were thinking only one word “What should be our strategy to win over this Virus?” The strategy is the word that carries immense power and strength that knows only winning on which you want.
What is Strategy?
The strategy is planning how to achieve your goals in the right manner, for today’s article let’s take an example of a corporate firm.
The Corporate firm is a Mobile Manufacturing conglomerate looking to enter a Country, what are the factors they should analyze before entering to the marketing the list is as follows
- Political: How strong the present government is? Is there a stability issue? Does the government is corporate friendly? Does they offer any incentive structure for establishing units, etc.
- Economic: Foremost thing is, you should know the total market value of the industry in that country, tax structure, the purchasing power of the people, the growth rate of the segment, demand, and supply gap.
- Social: You should know the customs of geography, their culture, the mindset of the people, demographics, education levels, sex ratio, Customer needs, emotions, sensitive things, etc.
- Technology: Since you are manufacturing a mobile to serve the customers, you should do an analysis of how the people are going to embrace these technologies, how compatible they are with the systems, what kind of technology products they are looking for, etc.
- Environmental: These have become an important aspect in every country for protecting their land, water, air from the pollution. Since you are manufacturing a mobile plant you should be aware of the ecology of the area, is it an SEZ ( Special Economic Zone ). The land is an animal reserve or not, disposal and recycling of waste, carbon footprint, etc.
- Legal: You should know about the labor laws, Policies of the Government, International trade laws, health and safety standards, Data protection, Intellectual property rights, etc.
Here Political, Economic, and Legal factors go hand in hand and sometimes overlap with each other because they are all interrelated.
I have taken the manufacturing unit so that it covers the entire analysis of all the factors, depending upon the business that you wanna setup do the permutation and combinations of PESTEL, this can be done like PEST, PSTEL, etc, just take the info from the above and do the required things.
This is a Just beginning of the organization more comes when you will plan the manufacturing, operations, pricing, Customer Success, etc.
