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Apply: Internal And External Environmental Analysis
Apply: Internal and External Environmental Analysis
[Name of the Writer]
[Name of the Institution]
Apply: Internal and External Environmental Analysis
Introduction
The markets of today have become immensely competitive; the various companies playing in the global market fields are constantly striving to get the maximum amount of profits and grab the attention of maximum customers. Then organizations, especially those working in the global markets, thoroughly understand that in today’s world, it is extremely important that the organizations devise their strategies very carefully, in order to capture maximum amount of market share, The firms, competing in the business markets, regularly conduct careful analysis, both internal and external, to analyze various factors that can be a threat for their organization or can lead to success in the market (Huber, & Stephens, 2010). For this purpose, many organizations have a separate department which performs such functions. Many firms even hire specialist form consultancy firms to provide them insights about these factors. The same happened with me some days ago.
Discussion
I work with a consultancy firm whose job is providing expert solutions to the companies with respect to their business situations and current positioning in the market. We help the organizations in improving their strategic operations by reviewing their current records and analyzing them with the comparison of their past performances. In this respect, I was hired by a newspaper company named Hoosier Media Inc. The company was worried about its declining circulation and subscriptions. The revenues of the print newspapers had gone down by 30% since the last five years and the online ads were not supporting the profits of the company either. They were accounting only for 5% of the company’s revenues. My job was to provide a detailed internal and external analysis of the whole situation and give suggestions to the company how they can improve the sales and profits of the newspaper printing company.
Economic Forces
The economic factors that are creating a disturbance for Hoosier Media Inc. are inflation, physical policies, demographic changes and level of interest.
Legal Forces
The major legal issues that the newspaper printing company might be facing is pressure by the government or certain political parties, not to print news regarding their issues.
Regulatory Forces
The regulatory issues that are currently being faced Hoosier Media Inc. are the regulatory laws and regulations imposed on it via various regulatory authorities.
How well the organization adapts to change?
It was observed that Hoosier Media Inc. adapts itself very well to the change. It was clearly observed that the newspaper printing company understands the significance of the online trends nowadays and has an online presence as well.
The success or failure of a business greatly depends on its internal strengths and weaknesses. Organizations also design their strategies according to the external opportunities and threats present for them in the market. These factors are best analyzed by using a SWOT analysis (Hill, & Westbrook, 1997).
Primary Internal organizational considerations (SWOT Analysis)
Strengths
The strength of Hoosier Media Inc. is its business type. It is an infotainment company and people have the urge to remain informed all the time.
Weaknesses
Hoosier Media Inc. is still heavily relying on the old and almost obsolete methods of print media.
Primary External organization considerations (SWOT Analysis)
Opportunities
The market holds many opportunities for Hoosier Media Inc. as it can develop and promote its presence over the internet in the form of a website and pages over the social media platforms.
Threats
The major threat for Hoosier Media Inc.is its competitors. The company’s competitors are far ahead of it by their online presence and continuous promotions on social media.
Major Issues and/or Opportunities for the Company
The major issues faced by the company are the online presence and growth of its competitors. Whereas the same opportunities exist for Hoosier Media Inc. to grow and promote its presence online.
References
Hill, T., & Westbrook, R. (1997). SWOT analysis: it's time for a product recall. Long range planning, 30(1), 46-52.
Huber, E., & Stephens, J. D. (2010). Development and crisis of the welfare state: Parties and policies in global markets. University of Chicago Press.
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