editedbook
Publication: IIP Proceedings Year: 2022, Month: November Page No: 131-138, ISSN/ISBN: 978-93-95632-71-3, DOI/Link: https://www.rsquarel.org/assets/docupload/rsl202301AE89DCC0943D0.pdf
PESTEL ANALYSIS- AN EFFECTIVE TOOL FOR RELOCATING THE BUSINESS- A CASE STUDY OF KNOWLEDGE WORKZ LTD-SMU GHANA
Area/Stream: Management, Authors: Dr. Sunil Kumar Roy Keywords: Life cycle, turnaround strategy, PESTEL analysis, Political turmoil, Growth stage. Book Name /series: Futuristic Trends in Management, Volume 2, Book 6, Part 1, Chapter 11Publication: IIP Proceedings Year: 2022, Month: November Page No: 131-138, ISSN/ISBN: 978-93-95632-71-3, DOI/Link: https://www.rsquarel.org/assets/docupload/rsl202301AE89DCC0943D0.pdf
Abstract:
Life cycle is a universal truth for humans, product & even services. Telegram services, manual typewriting machine, manual thermometer are few examples which will substantiate the above statement. Sometimes, an entrepreneur witnesses an unexpected & premature decline or death stage of its life cycle which forces him to devise some strategy which could bring the turnaround & put it again on the growth stage. There are instances when one or more factors like political turmoil, war, sanctions, and economic situations leaves well established businessmen in a situation of Hobson’s choice to leave the country & look for any other opportunity in some other countries. A noticeable number of business and big corporate establishments have faced it in Lankan crisis & recently ongoing Russian War. One such well-established business house in Nigeria faced turmoil in the year 1999 when there was a coup. The present paper is a case study of the same group written in two parts. The first part which would explain the sudden death of the business in its life cycle & the entrepreneurs attempt to use PESTEL analysis to identify new opportunity & relocate to the nearby country Ghana. The institution found its growth stage in quickest possible time with the help of proper PESTEL analysis, a well-crafted unique business idea & a well suited sales proposition. The content developed is solely based on my extensive structured interview with the Rector of the institute who worked with the group & my own experience of working with the institution from 2016-2019. The journey of the institution since its inception will be a reflection to the readers that PESTEL analysis is an effective and useful tool in exploring business idea which can help at the death stage of any company or product in relocating the business. It also establishes that the Turnaround Strategy is not by chance but a critical & carefully done PESTEL analysis & well devised action plan.
Cite this: Dr. Sunil Kumar Roy,"PESTEL ANALYSIS- AN EFFECTIVE TOOL FOR RELOCATING THE BUSINESS- A CASE STUDY OF KNOWLEDGE WORKZ LTD-SMU GHANA", Futuristic Trends in Management, Volume 2, Book 6, Part 1, Chapter 11, November, 2022, 131-138, 978-93-95632-71-3, https://www.rsquarel.org/assets/docupload/rsl202301AE89DCC0943D0.pdf
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