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- SWOT analysis can be defined as the study of the firm’s strength, weaknesses, opportunities, and threats so as to have a strategic plan and achieve a competitive advantage over other firms in the industry. By identifying the four elements that makes up the SWOT, the firm can be able to have a clear picture of how to gain a competitive advantage in the market.
- PEST involves the analysis of macro-environmental aspects that is used in the environmental scanning constituent of strategic management. It involves the examination of the political, social, economic, and technological aspect of the business environment. It assists in understanding the business position and market growth.
- STEER analysis can be defined as the socio-cultural, ecological, economical, and regulatory aspects in strategic planning. The management must analyze all this factors so as to allocate their resources effectively and ensure that the firm gains a competitive advantage over their competitors in the industry.