Market
analysis has been another essential element highlighted in this module. Two
areas of analysis components namely SWOT and PESTLE have been explained in the
lecture. SWOT analysis has been familiar for me as it was carried few times in
previous academic session. The new thing I learnt is PESTLE analysis. However,
after attending the lecture, I’ve realised SWOT and PESTEL analyses are
essential in feasibility studies stage for any development but there was only a
brief understanding as I’ve not attempt to assess the development information
with both SWOT and PESTLE analyses.
In
the seminar, group discussion has been conducted and I was given a chance to
discuss the PEST considerations for our development. This activity is
challenging and exciting as I didn’t have any idea on how to elaborate for each
factor. I’m more confident in elaborating SWOT analysis. However, I’ve
consulted the lecturer and searched information online to assist me in understanding
the PEST analysis clearer. I also compare course mates’ elaborated points for
PESTLE analysis to ensure my understanding.
After the lesson, I’ve done some reflective
thinking. The reason causing me to have lack understanding in marketing
appraisal technique is insufficient practical experience. Now, I’ve improved my
knowledge in market appraisal technique and will apply appropriately in my
module coursework to analysis my development’s viability.
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