6. Analysing the competition

6.01 How to How to analyse the competition and place your “solution” in a space

A stakeholder is any person who has an interested in what we’re doing – eg our employer, or those working on supporting roles of the business, team members, users and so on.

There’s a vast number of people who would be considered as a stakeholder in a system, even for small systems.

We can apply STEEPLE analysis to try and understand our external environment.

STEEPLE is concerned with the following aspects:

• Social – changes in culture, demographics, and attitudes
• Technological – changes in technology that can affect our system
• Economic – financial implications of our decisions
• Environmental – concerned with environmental implications of our product
• Political – labour law, taxation obligations, etc
• Legal – legal implications concerning data and privacy, for example
• Ethical – besides legal ramifications, we want to ensure our approach is ethical

6.02 SWOT analysis

SWOT Analysis is a strategic planning technique to help an individual or organisation identify strengths, weaknesses, opportunities, and threats related to business competition
or project planning.

• Strengths – What’s special or unique about the project?
• Weaknesses – What do we lack that may reflect on the project?
• Opportunities – What environmental or business qualities can we exploit to our advantage?
• Threats – What can cause trouble to the project?

Monday 15 November 2021, 423 views