Explain the Meaning and Significance of Each of the Following

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The Answer is Driving forces analysis consists of three steps: (1)identifying what the driving forces are; (2)assessing whether the drivers of change are,individually or collectively,acting to make the industry more or less attractive;and (3)determining what strategy changes are needed to prepare for the impact of the driving forces.PESTEL analysis encompasses the six principal components of the broader macroenvironment (political factors,economic conditions in the firm's general environment,sociocultural forces,technological factors,environmental forces,and legal/regulatory factors).A strategic group map involves identifying the key competitive characteristics that differentiate firms' market positions,plotting firms on a two-variable map based on their competitive approaches,assigning firms occupying the same map location to a common strategic group,and drawing circles around each strategic group,making the circles proportional to the group's share of total industry sales.Key success factors are the competitive characteristics that differentiate firms' market positions.

Explain the Meaning and Significance of Each of the Following

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