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Nowadays, many benchmarking best practice examples come from the highly competitive and innovative airline industry. According to Jackie Fry, Ian Humphreys and Graham Francis (2005), benchmarking is considered to be the most commonly used performance tool for increasing performance both for airline companies and airports worldwide.
Every company has a strategy regarding the objectives they want to achieve, but the difference between a successful and an unsuccessful strategy lies in the steps that are taken when formulating the strategy, more specifically in the first step, the external analysis. In order to facilitate this process, organizations can deploy a number of tools to perform an external analysis thoroughly.
1. SWOT
It is an acronym for Strengths, Weaknesses, Opportunities and Threats. Strengths and Weaknesses are used for the internal scan of the company, while Opportunities and Threats are part of the external scan. By analyzing the external environment, the company can better focus its internal resources to reduce the threats and capitalize on its opportunities.
When discussing about strategic planning, there are a few effective tools that can be used in order to have an overview of the business environment. In a previous article we have discussed about Porter’s five forces model and today we will discuss about the PESTEL analysis.
IBM represents one of the world’s leading globally integrated enterprises, which makes a difference through its talented and diverse people.
Integrity and ethics play a key role in organizations nowadays, due to the fact that they determine employee behavior. These factors are usually dictated by the company’s values and the major aim is to induce a fair conduct within the workplace, as well outside the company.
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