STRATEGIC MANAGEMENT ANALYSIS Essay Example | Topics and Well Written Essays - 1000 words

STRATEGIC MANAGEMENT ANALYSIS - Essay Example A key challenge to be faced by the governments all over the world is that of the reduction in the use of personal vehicles and consumption of fossil fuel. With more focus on conserving the energy and find out new and sustainable energy resources, consumers world over are pressing governments to actually come forward with more stringent restrictions on the use of vehicles and energy resources which are damaging the environment. (Hill, and Jones.2010) Considering the fact that consumers are becoming relatively savvier, it is clear that new social trends will continue to emerge which can reshape the way industry operates. The focus towards the environment protection and fuel efficiency are some of the clear social trends which will emerge to create challenges for the industry. (Hill, and Jones, 2010). Probably the strongest challenge to the industry will come from the technological and environmental challenges in the next decades to come as fast changing technology often drives out firms who are slow to adapt to these challenges. There is a clear shift towards building cars which use clean and renewable energy while at the same time are efficient and cost effective also. One of the key weaknesses in the electronic or hybrid cars is that of the high cost and low fuel efficiency. Future trends therefore may clearly indicate of scenarios where EVs or Hybrid Cars have to be built upon technology which can ensure mobility, cost effectiveness as well as fuel efficiency. Considering the above PESTLE factors, it is quite evident that there can be two extreme scenarios i.e. rapid technological changes and the mass adaptation of EV cars. If the technology rapidly changes and Better Places is not able to keep pace with the technological changes through its effective R&D, it is clear that the company may go out of the business. Since this industry is dominated by the technology and almost all progress in the industry has