Dubai Macroenvironmental Evaluation for Banking Essay
Do you know the major trends which come out of environmental evaluation?
Environmentally friendly analysis enables an ongoing business to identify, scan, analyze, and forecast its functions. These may range between internal to exterior forces. Several factors make a difference a continuing business. However, this happens in varying strengths. Trends which are utilized in environmentally friendly analysis include strategic planning, analysis of both inner and external elements that have an effect on the continuing business, and development of company models to boost sustainability. A few of the main trends seen in the environmental analysis are employed as business analysis equipment, such as for example PESTEL and SWOT evaluation respectively. These trends are normal in most Banking institutions in the UAE because they assist in the identification of environmental elements. Moreover, Banks furthermore use statistical analysis indicators, such as STELLA, among others.
What are the major areas of uncertainty?
Macroenvironment usually poses many areas of uncertainty. This is mainly because the company has no power over them. A major area of uncertainty includes the general economic condition of the environment. Slow economic growth will affect the company. Other areas in microenvironments include technology, population demographics, societal values and lifestyles and also regulations and legislations. However, areas of uncertainty include the economic environment, regulations, and legislation. This is because the two areas are dependent on each other and drag the business when there is high inflation or slow economic growth.
How would a major company in the industry handle those best?
Handling competition is quite essential for companies. The company has to research rival firms and also new entrants. Moreover, it should give a keen consideration to firms that offer substitute products. In this regard, it is essential for the company to analyze the strength of rival firms, the market position they occupy, strategies, and future actions. They are essential in enabling the business enterprise to gather competitive cleverness on its competitors and therefore focus on success.
Banking institutions in the UAE
Dubai is positioned to work with competitiveness for a successful future strategically. The town has promoted itself as a significant global player with diversification in various spheres of business. It has slowly but steadily enhanced its competitiveness in the global market. It is currently considered one of the best places to live in. Moreover, the number of opportunities it creates yearly is numerous when compared with the fact that the global recession has put people out of jobs in the rest of the world. It is also important to note that it is always working to create competitiveness. This is handy in isolating it as the best place to visit, work, and learn in. Competitiveness means to gain strategic advantages over other players in the market. Dubai has worked to create such advantages over the years. It has invested billions of dollars in the tourism and hospitality industry to build magnificent hotels and sceneries that made the world amazed. In addition, it offers ensured that external environmental aspects are controlled to ensure the continued growth of businesses in the region.
It is also important to note that Dubai has invested in highly skilled professionals to develop its industries and economy. This shows its commitment to improving competitiveness. Moreover, it has established excellent learning centers to produce highly skilled personnel for the growth of its industry along with the export of knowledge. In addition, its relations with some other global economic players possess revitalized its prominence on the planet. These are significant steps in creating and sustaining competitive advantage. In this regard, it is true to say that Dubai is moving in the right direction. In addition to this, it has created a favorable environment for the creation of innovations, which are key components of achieving success in competition.