Every business requires excessive planning in order to head towards the right direction so that its goals and objectives can be met accordingly. If the business does not plan at all or lack behind in its planning process then there are high chances for the business to head towards the wrong direction making losses and eventually losing its way. Hence it remains a core responsibility of a business to plan well, set its goals & objectives and make sure the environment of the industry it is sooner going to step into. If such measures are not taken then it is the biggest mistake a business can ever make before beginning its operations (Fine, 2009, p. 11).
SWOT and PESTEL are two most commonly known analysis used in business world that are widely used by the business organizations before penetrating into a new market or the industry. These analyses give a clear direction to the business of what approach and tactics they should adopt in order to get a competitive edge over the competitors. SWOT analysis is that analysis which explains the business about its internal environment in terms of Strengths, weaknesses, opportunities and threats surrounded by the business where as PESTEL analysis gives a better knowledge and idea on the external environment of the business which includes Political, Economic, Social, Technological and legal aspects (Williamson, 2003, p. 123).
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