Consider the following tools

The general external environment model (i.e. PESTEL).

Porter's 5 forces model.

The VRIO Framework.Consider

Prepare a report showing:

1.Define each of the above tool? i.e. What are those tools?

2. Explain each component for each tool.

PESTEL components:

i. Political

ii. Economic

iii. Socio-cultural

iv. Technological

v. Environmental

vi. Legal

Porter's 5 forces components:

i. Threat of new entrants

ii. Threat of substitutes

iii. Bargaining power of customers

iv. Bargaining power of suppliers

v. Competitive rivalry

The VRIO Framework components:

i. Value

ii. Rarity

iii. Imitability

iv. Organization

3. Why do we use those tools within the context of strategic management process? Explain in detail.