Business success in the increasingly complex global economy, demands a high degree of productivity and effectiveness from all employees, both on an individual level as well as performance in teams. Rhodes (2010) supports this thought,
As the world fitfully rebounds from the Great Recession, many global managers are confronting a “new normal”: the prospect of slow growth for many years to come. Managing in this new era will be different – and much will rest on how willing CEOs and their executive teams are to stray from their comfort zone and challenge their traditional ways. (para 1)
Ollila (2013) adds this comment “For the future challenges the world faces are complicated and global in scope. They cross borders. They potentially affect all of us. They will require far more collaboration between government, business and civil society — not less” (para 1).
In your readings for this week you have learned about teams and challenges to business success. For this 2-3 page (not including cover and reference pages), APA compliant paper, respond to the following:
1 Explain the PESTLE technique and how this tool is used in understanding business issues. Cite one example from your research where this tool has been used.
2 Provide overviews of the challenges organizations are facing using either the PESTLE analysis tool or Porter's Five Forces Framework from Business analysis techniques: 72 essential tools for success.
3 Describe the skills that will be needed by leaders, individuals and teams to overcome these challenges
4 Conclude by explaining how you can use this information to achieve successful performance in the Marketplace simulation.
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The PESTLE technique is a business and market analysis tool or approach that involves tracking the conditions that an organization cannot control internally in markets where it operates in, or plans to enter. The term PESTLE itself is a mnemonic where the six letters represent six factors namely: political, economic, social, technological, legal and environmental. This tool gives organizations, especially multinational ones, an overview of the environment that they operate in or are likely to operate in once they enter new markets. The different angles covered using the PESTLE technique allows managers not only to keep track of the core factors that may affect their businesses in various markets, but also to devise possible solutions to cope with these challenges once they are encountered (Ollila, 2013)....
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