Uum Practicum Report

The use of PEST analysis can be seen effective for business such as their strategic planning, marketing, and product development. Furthermore, PEST ensures that company`s performance is aligned positively with the powerful forces of change that are affecting business environment (Porter, 1985). PEST have four factors which are Political, Economic, Social, and Technological. However, we use these factors to check how they interplay to the business or the activity of an organization.Using PEST analysis is important when a company decided to enter its business operation into new markets and new countries. In this case, using PEST will help to adapt effectively to the realities of the new environment and to make contingency plans for threats by preparing business and strategic plans (Byars, 1991; Cooper, 2000).

SWOT analysis involves identifying business’s strengths and weaknesses, and examining the opportunities and threats which may affect the business. SWOT analysis aims to identify the key internal and external factors seen as important to achieving an objective.

The SWOT analysis is a simple way of generating strategic marketing alternatives from a situation analysis. Another type of popular analysis is a PEST analysis, which involves Political, Economic or Environmental, Social, and Technological or Transportation analysis. An industry analysis can be performed using a framework developed by Michael Porter known as Porter's five forces. This framework evaluates entry barriers, suppliers, customers, substitute products, and industry rivalry.

What are the steps to be a good entrepreneur? Write your suggestion and recommendation based on your observation and experience in Malaysia.

SWOT are stands for Strengths, Weaknesses, Opportunities and Threats. SWOT analysis is a very important step in managing marketing activities. Through this analysis method we can analyse the strengths and weaknesses of a firm from its internal environment. The internal environment is factors like production cost, marketing skill and financial. Meanwhile, for opportunities and threats can be analyse through the firm’s external environment. The external environment are PESTLE which is an acronym for Political, Economy, Social, Technology, Legal and Environment. By doing SWOT analysis the marketers can know the strength and opportunity to focus on, and weakness and threat to avoid.

There are many different forms of analysis tools for the company to choose from. Some of the heavy hitters are the SWOT or strengths, weaknesses, opportunities and threat tool. The MOST analysis tool focuses on the mission, the objectives, the strategies and the tactics in order for the company to meet its needs. The last tool that will be discussed here is the PEST analytical tool. PEST stands for political, economic, sociological, and technological.

Macro environment is crucial to the development of a company. All the external factors can have huge positive or negative influences on Travis Perkins plc, therefore a better understanding of the environment of the company is of supreme significance (Peng & Nunes, 2007). Among all the analysis tools, PEST analysis is one of the most effective tools to analyze the external environment of a company (Riley, 2012). This part will demonstrate PESTLE analysis of Travis Perkins plc below. The result of PESTLE analysis can be demonstrated in the following table 1.

In order to assess the company and possible future strategies it is necessary to conduct a SWOT analysis and PESTEL analysis.

Entrepreneurship is the activity of creating a new business or enterprise. It is an essential and significant action in the growing job market (Bednarzik, 2000). Entrepreneurship has become important to all the countries whether they developed or developing ones. It is a basis of economic growth and employment creation (Thurik, Carree, Van Stel, Audretsch, 2008). It involves opportunity recognition or creation, collecting resources to track the opportunity, and managing actions that bring a new venture into existence. Some ventures are complete start-ups, while other ventures are pursued within an existing organization (Enz and Harrison, 2010). Entrepreneurs accept the personal financial risks that drive with having their own business. On the other hand, entrepreneurs benefit directly from the

“SWOT analysis is a method for analyzing a business, its resources and its environment. SWOT is commonly used as part of strategic planning and looks at Internal strengths, Internal weaknesses, Opportunities in the external environment, Threats in the external environment” (Tutor2u.net, 2015). PEST analysis studies 4 dimensions, same as SWOT. The factors measured in PEST are

Entrepreneurship is an excellent opportunity for individuals seeking the independence of running their own business. Starting a business can be a quite daunting task for anyone who is looking to do so. Potential business owners must be ready to invest much of their time and energy to the planning and startup phases of their business. Those activities include conducting research, creating a business plan, securing financing and marketing. Additionally, business owners also have to decide the type of business form that they would like to operate under. There are three main business structures in which entrepreneurs must establish their business.

A PEST analysis will provide the external business environment for the company whereas the SWOT will provide the internal picture of the company.

There are various entrepreneurial education scope and structure among higher education in Malaysia. Entrepreneurship education in university of Northern Region in Malaysia seeks to provide students with the knowledge, skills and motivation to encourage entrepreneurial success in a variety of settings in the future job searching. Variations of entrepreneurship education are offered at all levels of schooling from primary or secondary schools through graduate university programs. This research aiming, entrepreneurship education is treated as it has been broadly used and applied by most Northern Region of Malaysia universities. The establishment of the Ministry of Entrepreneur Development in year of 1995, clearly indicates the growing importance of the government role on the issue of entrepreneur development (Ariff & Abu bakar, 2005). Entrepreneur education is a factors that affect the activities of entrepreneurship among university student in northern region of Malaysia. Thus, Entrepreneurship education has been used as one of the most effective ways to promote the transition of graduates into the world of

SWOT analysis is a useful tool for understanding and decision-making for all sorts of situations in business and organization. SWOT analysis can be classified into internal and external factors affecting a company. The Strengths and Weaknesses of the SWOT analysis represent the internal factors that influence the viability of the company. While the Opportunities and Threats, on the other hand, are the external factors that may affect the company's performances. A SWOT analysis provides more understanding of the organization in relation to its internal and external environment so that manager can formulate better strategy in pursuit of its mission.

The economy is composed of enterprises and businesses. Our economy has survived because the industry leaders had been able to adapt to the changing times and supplied mostly the communities’ needs. Entrepreneurship produces financial gain and keeps the economy afloat, which gives rise to the importance of innovation in entrepreneurship. Entrepreneurs are innovators of the economy. The importance of innovation in entrepreneurship is another key value for the longevity of a business. And, being innovative has helped us become successful in all our endeavors.This leads me to choose my higher education in “Master of Business Administration