Question

Do an environmental analysis for a new wound care product?

Answer 1

Environmental analysis is basically a strategic tool in order to find out elements which are internal as well as external that will affect the performance of an organization. Through this analysis, it is able to understand the threat level which takes a major role in decision-making. This will helps to assign strategic techniques along with the environment of the firm.

In common, PESTLE analysis is used in order to make detailed analysis of the environment. PESTLE analysis is the environmental detailed study on the bird's eye view point, which thoroughly helps the top level managers in order to find their position or level in the current market atmosphere. Also, it helps to find out the future forecast of the company.

PESTLE includes so many factors that can affect industries either indirectly or directly. PESTLE denotes :

• P - Political Factors
• E - Economic Factors
• S - Social Factors
• T - Technological Factors
• L - Legal Factors
• E - Environmental Factors

As per this question, environmental analysis should be conducted to a new wound care product.

Wound care product may include bandages, adhesive removers, sponges, ointments, wound dressings, adhesive tapes, wound cleansers etc.

Hence, the steps to be followed in order to conduct an environmental analysis are :

• Environmental factors such as attitude of the people towards such a product, government regulations or any towards such a product manufacturing, any banned content in manufacturing etc. should be analysed at first.
• All needed or required data regarding the new wound product should be gathered.
• Determine the opportunities of the wound product for the firm.
• Identifying the threats that the company have to face due to the production of the wound product.
• At last, action to be taken, which means taking decision about whether to produce the product or not.