5 Simple business tools for everyday use! They include: SWOT analysis, PEST analysis, Porter's 5 forces, the marketing mix, and setting SMART goals.

2. SWOT ANALYSIS

SWOT analysis can be conducted in
order to determine a firms position in the
market.
STRENGTHS
 WEAKNESSES
 OPPORTUNITIES
 THREATS


3. 
Both strengths and weaknesses are
internal factors, whereas opportunities
and threats are external factors which
may impact upon a firm!

The tool can be utilized in order to
determine a firms current position, and it
can also be used to identify how
competitors are performing.

4. PEST ANALYSIS

PEST analysis identifies how changes in
the environment external to the business
can create both opportunities and
threats! Such factors can be:
POLITICAL
 ECONOMIC
 SOCIAL
 TECHNOLOGICAL


5. PORTERS 5 FORCES

Porters 5 forces is a tool which indicates
the strength of a firms current market
position.

The 5 forces which determine competitive
power are:
1.
2.
3.
4.
5.
Threat of new entry
Rivalry already in the industry
Threat of substitute products
Bargaining power of suppliers
Bargaining power of buyers

6. Threat of
substitute
products
Bargaining power
of buyers
Rivalry within
industry
Threat of
new entry
Bargaining power of
suppliers

7. The Marketing Mix

When introducing a new product or
service to the market, it is essential to
consider the 4 P’s of marketing!
Product
 Price
 Promotion
 Place


8. All goals should be SMART!

When a target or goal is set it should be:
SPECIFIC
 MEASURABLE
 ATTAINABLE
 REALISTIC
 TIMED
