Question 1: Research Plan for the External Analysis
The external analysis involves an in-depth investigation into the market and economic forces that influence the industry within which a company operates. Some companies perform the study together with the SWOT analysis to determine the external and internal weaknesses and strengths of the organization. PESTLE surveys help a business to implement ideas and gain an edge in a competitive environment. For this hypothetical company, data will be collected based on the aspect of analysis under consideration.
Political/Legal information entails data regarding the country’s political stability and government policies and legislation that may affect the operations of the business. If the company intends to supply foodstuffs, then the political information would include trade controls, tax measures, and tariffs, employment regulations, among others. All this information will be gathered from the offices and official publications by the relevant government agencies.
Economic factors would include all the factors affecting the conditions of the economy, such as tax and rates, recessions, stocks, demand, and supply levels. The information will be retrieved from the government websites.
Social factors entail an examination of how political and economic factors affect the behavior of the consumers; hence, data on political and economic factors can help in concluding on the effects of social factors. However, data from the census can help in finding information regarding lifestyles, culture, demographics, and domestic structures.
Technological data provides insight into how technology would affect business. Technology is dynamic; hence every company must always stay updated on the trends. For the company, the details regarding trends will be gathered from press release websites like Backlinkfy, PR Newswire, among others.
Competition: Every business that desires to gain the market share must always observe the operations of the competitors. The company intends to supply food products, and this is an area that has a lot of competition. The information regarding various businesses is available online, and therefore it can be retrieved from credible websites. Peer-reviewed articles and books can also offer such information.
SWOT Analysis
Strength: The strength of the company will depend on proper analysis of the external factors like competition and political factors. The company intends to employ technology in its operations are this will be an additional strength
Weakness: The business will majorly rely on the competitor’s website for information regarding the competition. Some enterprises may intentionally publish misleading data.
Opportunity: The company will provide foodstuffs that are needed in every part of the world; hence there will be room for expansion. The company also hopes to introduce new products and even use a different branding technique.
Threats: Competition from the already established companies will become the most significant threat. Also, the kind of products that the company intends to offer is restrictive, thus limiting its room for diversity.
Question 2: Peer Review and Why it’s Necessary
Peer review is the process of safeguarding and controlling the quality of academic materials. Before a publication happens in a peer-reviewed journal, a team of experts from the same field of study examines the article thoroughly. Research methods, contribution to the existing literature, and proper citation form the basis for the review process. After publication, the paper becomes an authoritative source of information for subsequent research.
Peer-review is done to determine whether material falls within the scope of the journal. The process also helps the reviewers to check on the formulation and suitability of the approach used. The findings of a research can have significant effects on the society, hence the need to pass them through a quality control mechanism before publication. The process also a basis upon which the publisher may accept or reject a paper.