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Measuring Performance - Essay Example

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It comprises of Strengths, weaknesses, Opportunities and threats. Strengths are internal factors that can be concluded as advantages to the business (current advantages). Factors such as a focused management, hardworking employees, low costs are positive points for the firm. For Jengo Ltd, a high regard for their clothes by the customers is an impressive point for the future of the business. Weaknesses are internal factors as well that maybe termed as disadvantages for the firm (current disadvantages). Negative factors like a poorly trained workforce, ageing equipment etc need to be evaluated for a solution to arise. For Jengo Ltd, the failure to produce budgets or forecasts for the financial year hints weak planning on the part of the management. However, Opportunities are potential areas for expansion of the business (advantages that can arise in the future). These areas are obtained after an external audit in the market the firm operates in. Identifying new markets, expansion of the product portfolio and favorable government policies amalgamates in outdoing competitors. Moreover, threats are not to be forgotten while forecasting future business plans (problems that may arise in the future). These usually comprise of the macro environment factors that alter the economic environment, strength of the competition, globalization etc. Jengo Ltd should be careful about changing customer demands as it operates in a highly uncertain business. SWOT analysis draws the primary sketch for foreseeing the future for any business. It is an effective way of gathering information and generating interest in the business activities quickly, mostly used to plan the marketing strategy (Hall, D et al. 2004) Factors in the macro environment effect decisions by the top management. Demographic change, government laws, trade barriers etc are some examples of macro change (Varoufakis, Y. 2007). These factors can be categorized by the PESTEL (political, economic, social, technological, environmental, and legal factors). Political developments regionally, nationally and internationally might effect a business’s strategy. Political decisions can change vital areas of the company such as education for the employees, health benefits, infrastructure, and subsidies for instance. Economic factors may involve the effect of consumer demand patterns, willingness to spend, inflation, fiscal and monetary policies, exchange rates, fixed and variable costs, and changes in the labour market on the business. Businesses may also need to plan out the effects of government policies to haul out the country from a recession (Hall, D et al. 2004). Changes in social trends can create competitive advantages for businesses. Falling birth rate, ageing population, increase in life expectancy can all effect a business. An ageing population would mean a shift in the sort of products demanded and more pensions paid to employees. Pressure groups can also force a business decision leading to serious consequences. Technology uplifts products and processes. Online shopping, bar coding, CAD and CAM are all technological advancements that aid in the advent of superior products. Furthermore, environmental factors might include a legislation to control pollution or views of certain groups about the ingredients of the product. Major climatic changes due to global warming have significantly impacted many industries and external factors related to a ...Show more
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Summary

New businesses need to survive in the competitive market, whereas existing businesses need to frequently monitor their position in the market. Pitfalls such as economic recessions, entry of new competitors, and change in demand or financial crisis can turn the tables completely…
Measuring Performance
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