Business Explain: Business Policy

What is the purpose of NLP and why does Williamson refer to it as "Frakenscience"?

I prefer to think of it as Frankenscience, in that it combines classical, operant, and social learning theories with various process theories of motivation like equity theory and expectancy theory and stirs it all up with communication theories and hypnotic mind games.

The purpose of NLP is to learn how to effectively communicate with and manipulate others to get things your way.

What is PESTEL?

An examination of Political, Economic, Social, Technological, Environmental, and Legal factors and their implications for an organization.

important tool that executives can rely on to organize factors within the general environment and to identify how these factors influence industries and the companies within them.

While many businesses use SWOT analysis, the results can actually be misleading. What are 3 things companies can do in order to perform a successful SWOT analysis?

1) First, in laying out each of the four elements of SWOT, internal and external factors should not be confused with each other. It is important not to list strengths as opportunities, for example, if executives are to succeed at matching internal and external concerns during the idea generation process.

2) Second, opportunities should not be confused with strategic moves designed to capitalize on these opportunities.

3) Finally, and perhaps most important, the results of SWOT analysis should not be overemphasized. SWOT analysis is a relatively simple tool for understanding a company's situation. As a result, SWOT is best viewed as a brainstorming technique for generating creative ideas, not as a rigorous method for selecting strategies. Thus, the ideas produced by SWOT analysis offer a starting point for executives' efforts to craft strategies for their organization, not an ending point.