Question

Implementing a diagnostic instrument and/or model is useful toward figuring out various kinds of dilemmas that may surface in the business environment. Can you discuss the purpose on utilizing a diagnostic instrument and/or model for us this week including the management of change from an example that you present in your discussion board? Please conduct your research on shedding light to a plethora of great diagnostic instruments and models out there. Excited to view everyone’s response for this week!

Answer 1

Environmental diagnosis can be done through instruments like Strengths , weaknesses, opportunities and threats ( SWOT) , PESTLE framework , IFE and EFE matrix etc.

We shall see the SWOT of an organization below: SWOT analyze both internal as well as external market factors . It creates a basis for strategy formulation.

Best Buy

Strengths Strong presence in the USA’s market Business model Ethical values in retail business Good management structure Strong capital structure Quality offerings	Weaknesses Low market share in global business Less profit margin Lack of diversification Fail to meet customer expectations on many occasions. Lack of intense market presence in Global market.
Opportunities Option to diversify the business Lack of vision Making its online and global presence To see u n related business portfolios like education, consulting and many more.	Threats From the competitors like Wal-Mart, Amazon etc. Dynamic business environment Allegations and controversial workplace Consumer perception about cheap electronic offerings on online store Legal forces in retail.

In PESTLE analysis ,

External forces like political , economic , social , technological , legal and environmental will be assessed . These forces will influence the business operations and policy decision to the great extent. Even , these are uncontrollable factors.