FreePint contributor Andrew Grave shares how strategy tools such as SWOT, PESTEL, and Porter’s Five Forces can be critical in competitive intelligence analysis. They are also key in supplier intelligence analysis. Brief descriptions of the tools:
- SWOT “is an audit of an organization’s strategic position using four quadrants: strengths, weaknesses, opportunities and threats.”
- PESTEL “is a popular framework to aid in the understanding of forces that may impact an organization. PESTEL stands for Political, Economic, Social, Technical, Environmental and Legal.”
- Porter’s Five Forces, created by Michael Porter, “shows how competitive a service line or product is by taking an economics perspective.” The Five Forces model includes: threat of new entrants, bargaining power of buyers, competitive rivalry, bargaining power of suppliers, and threat of substitutes.