24 Feb Oxford Brookes BSc (Hons) in Applied Accounting and Research and Analysis Project SWOT AND PESTEL analysis
We have given guidelines for Oxford Brookes BSc (Hons) in Applied Accounting and Research and Analysis Project.
When working on a business model, it is imperative to incorporate the external and internal research factors that can influence the project. Amongst the best strategic planning methods for research analysis are PEST and SWOT. These two are the most commonly used business analysis methods. Below is an introduction and comparison of the two methods.
SWOT is an abbreviation for Strength, Weakness, Opportunities and Threats.
Strength: This part of the model highlights the advantages a business has over the competitor in a selected project.
Weakness: This part identifies the weakness and disadvantages the business has as compared to the competitor.
Opportunity: This part highlights the current external trends awaiting attention, or possibilities of strength.
Threats: This part of the model talks about the external movement that may led to problematic outcomes, leaving a negative influence on the business.
Working and highlighting the points of SWOT can help the business cater the hindrances. Moreover, this model helps identify both the external and internal factors that can make or break the projects.
What is PEST Analysis?
PEST is an abbreviation for Political, Economic, Social and Technology. This analysis is used to study the external factors that benefit the researcher during the conduction of a project.
Political: This part of the analysis studies the global issues, the law, the regulations and the legislation which effects the business in future or immediately.
Economic: The economic aspect of the analysis studies the interest rates, taxes, stock markets and inflation. Taking into account the consumer confidence.
Social: This part studies the changes in the buying trends, lifestyle, major events, media, ethics, publicity factors and advertising.
Technological: This highlights the access to technology, innovations, manufacturing, global communications, research funding, licensing and patents.
It also includes the Legislation and Environmental issues globally or locally.
PEST analysis, unlike SWOT aims toward the study of external factors that influence the position of the business. The decline of the business externally directly clarifies and identifies multiple cases for the business which is more beneficial in the long run.
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