Opinion Statement

There are many challenges that firms can face. So, picking 3 definitely wasn't an easy task, so I chose one that I think would be challenging from each analysis tactic ( SWOT, PESTEL and Porter's Five Forces). The three that I think are the most difficult are threats (SWOT), legal factors (PESTEL) and buyer power (Porter's Five Forces).

My first choice, threats, can be challenging because the firm has no control over what happens. With factors such as employees and outdated technology, the firm can control these by staffing accordingly, such as hiring or laying off employees. With outdated technology, the firm can simply upgrade software and computer systems. With threats such as economic downturns and government regulations, the firm has no control or no say over what happens to the economy or what the government decides to enforce.

My second choice, legal, can be a challenge because of the fact that almost any minor things can turn into a legal issue. Things like a contract with a buyer, interviewing a job candidate ad a wet bathroom floor can all become legal issues. These incidents and many more could also cost a firm a large amount of money, which would take away from the firm's profitability.

My third choice, buyer power, can be a challenge because if the firm is in a market with a lot of competition, they have to entice customers to purchase from them. This means they basically always have to have the lowest prices. The firm would also need to have an appealing, or customer friendly environment for them to shop in if there's a brick and mortar store.

I think if a firm is very careful, they can easily overcome a lot of these challenges. For example, if an employee resigns, the firm could carefully evaluate whether or not they need to fill that employee's position. Or if they have a brick and mortar store, they could have the store employees take extra care in making sure the store is clean and presentable.

Questions

Respond by acknowledging the contributions of this person and add value to the conversation. To do this, each reply should follow this 4-paragraph format.

Paragraph 1: State whether you agree/disagree and preview two reasons you think that

Paragraph 2: Explain the first reason

Paragraph 3: Explain the second reason

Paragraph 4: Summarize your reply

By the way, you can agree with one factor a person gave and disagree with another. You do not have to agree or disagree with everything in the main post to which you are replying.