What would be a good peer response to this?

Managers can use many tools and techniques to monitor external environmental factors, but some are used more often than others. SWOT analysis is one of the most common tools businesses use to analyze environmental factors. With SWOT analysis, companies can look at their strengths and weaknesses regarding business capabilities, making it easier to identify threats to the business (Measure performance and set targets, n.d.). However, it is better to see the results from the customer's perspective when making plans and decisions, so you get the most out of this model.

And then, there is the PSTLE analysis model. It is a tool that helps businesses build strategies and plans when external factors affect their business, such as political, economic, sociological, technological, legal, and environmental (Strategic planning for business growth, n.d.). This tool is best used in correlation with other analytical tools like the abovementioned SWOT analysis. When used together, the PSTLE analysis model helps develop strategic advantages over competitors, helps with assessing risks, revising strategies already in place, and helps to identify solutions to problems when dealing with external factors.

As this week's reading pointed out, companies can also use geographic information system (GIS) tools to build layered maps displaying varying data points decided upon by what the business wants information about in their market. Consumers already use some of these GISs today, such as Google Maps and MapQuest (Cox, 2011). However, businesses can utilize companies that specialize in creating GIS maps to help narrow down specific information to help them gain an edge on, for example, what stores should focus on and what type of credit card promotions to get the biggest bang for their buck in advertising and setting attainable goals for the business itself.

References

Cox, E. (2011). Retail Analytics: The Secret Weapon. John Wiley & Sons, Incorporated. Retrieved June 27, 2023, from https://ebookcentral.proquest.com/lib/bellevue-ebooks/reader.action?docID=818778&ppg=73

Measure performance and set targets. (n.d.). Retrieved June 27, 2023, from NIBUSINESSES INFO.CO.UK: https://www.nibusinessinfo.co.uk/content/swot-pestle-and-other-models-strategic-analysis

Strategic planning for business growth. (n.d.). Retrieved June 27, 2023, from NIBUSINESS INFO.CO.UK: https://www.nibusinessinfo.co.uk/content/pestle-analysis-example