Write an essay explaining what the main strategy development tools are and how they are used in business. Your essay must contain a comprehensive discussion of 4 of the following: PESTEL, Five Forces,...

STRATEGIC MANAGEMENT
ASSESSMENT 1: INDIVIDUAL ASSIGNMENT
ASSESSMENT OF STRATEGIC MANAGEMENT TOOLS: WITH REFERENCE TO TELSTRA IN AUSTRALIAN TELECOMMUNICATION INDUSTRY
Student Number: _____________________
Name: _____________________
Table of Contents
Introduction    3
Major Strategy Development Tools    3
PESTEL Analysis    3
Porter’s Five Forces Analysis    3
SWOT Analysis    4
Ansoff Matrix    4
Using Strategy Development Tools in the Business of Telstra in Telecommunication Industry of Australia    4
PESTEL Analysis of Telstra    4
Porter’s Five Forces Analysis of Telstra    5
SWOT Analysis of Telstra    5
Ansoff Matrix of Telstra    5
Conclusion    6
References    7
Introduction
In order to implement the strategies developed for the benefit of the business, business organisations use certain tools that not only make the implementation of strategies easy, but also make the strategies effective, which are commonly called strategic management tools. The type of strategic management tools depend entirely on the nature of the business and the situation, in which the organisation is. It is found that improper selection of strategic management tools hampers the business, while proper adaptation of strategic tools improves the potential of business management. In the current essay, four major strategic tools are discussed in the context of Australian company Telstra.
Major Strategy Development Tools
Based on areas targeted by tool, different types are generated. As mentioned by Bammer (2018), there are strategic tools, which are exclusively designed for an organisational issue, however such designs often fail to generate positive outcomes. In case of common strategic tools, the risks of failure tend to be low as they are widely used and tweaked as per requirement by organisations. Among the most common types PESTEL analysis, Porter’s Five Forces analysis, Resource-based view approach, Input-output analysis, Generic strategies, Ansoff matrix, SWOT analysis and Ghemawat AAA theory are most relevant. Among the list of strategies, the following four has been chosen for discussion.
PESTEL Analysis
PESTEL analysis is a tool that is that helps business organisations to take note of the actual condition of the external market, especially for newly targeted market where the market condition is not known to the organisation. The term PESTEL is an acronym, which are made out of the initial aspects that are assessed by the tool. As described by Schafer (2018), the six aspects of the external and newly targeted market are – Political, Economic, Socio-cultural, Technological, Environmental and Legal.
Porter’s Five Forces Analysis
Porter’s Five Forces analysis aims at assessing the target market competition, to help the companies aware about their potential areas if focus, including pricing, marketing, manufacturing and profiting. As identified by Badii et al. (2018), the Porter’s Five Forces analysis are based on the factors of rivalry of the competitors, bargaining power of the suppliers, bargaining power of the customers, the threat of new entrant in the market and lastly, the threat generated from alternative product or services.
SWOT Analysis
SWOT analysis is a strategic management tool, which is aims at providing the...