Methodology
SWOT Analysis
SWOT is an acronym used to describe the particular Strengths, Weaknesses, Opportunities, and Threats that are strategic factors for a specific company. A SWOT analysis should not only result in the identification of a corporation’s core competencies, but also in the identification of opportunities that the firm is not currently able to take advantage of due to a lack of appropriate resources. (Wheelen, Hunger pg 107)
The SWOT analysis framework has gained widespread acceptance because it is both simple and powerful for strategy development. However, like any planning tool, SWOT is only as good as the information it contains. Thorough market research and accurate information systems are essential for the SWOT analysis to identify key issues in the environment. (Marketing and Its Environment, pg 44)
Assess your market: * What is happening externally and internally that will affect our company? * Who are our customers? * What are the strengths and weaknesses of each competitor? (Think Competitive Advantage) * What are the driving forces behind sales trends? * What are important and potentially important markets? * What is happening in the world that might affect our company? * What does it take to be successful in this market? (List the strengths all companies need to compete successfully in this market.)
Assess your company: * What do we do best? * What are our company resources – assets, intellectual property, and people? * What are our company capabilities (functions)?
Assess your competition: * How are we different from the competition? * What are the general market conditions of our business? * What needs are there for our products and services? * What are the customer-market-technology opportunities? * What are the customer’s problems and complains with the current products and services in the industry? * What “If only….” Statements does a customer make?
Opportunity an area of
SWOT is an acronym used to describe the particular Strengths, Weaknesses, Opportunities, and Threats that are strategic factors for a specific company. A SWOT analysis should not only result in the identification of a corporation’s core competencies, but also in the identification of opportunities that the firm is not currently able to take advantage of due to a lack of appropriate resources. (Wheelen, Hunger pg 107)
The SWOT analysis framework has gained widespread acceptance because it is both simple and powerful for strategy development. However, like any planning tool, SWOT is only as good as the information it contains. Thorough market research and accurate information systems are essential for the SWOT analysis to identify key issues in the environment. (Marketing and Its Environment, pg 44)
Assess your market: * What is happening externally and internally that will affect our company? * Who are our customers? * What are the strengths and weaknesses of each competitor? (Think Competitive Advantage) * What are the driving forces behind sales trends? * What are important and potentially important markets? * What is happening in the world that might affect our company? * What does it take to be successful in this market? (List the strengths all companies need to compete successfully in this market.)
Assess your company: * What do we do best? * What are our company resources – assets, intellectual property, and people? * What are our company capabilities (functions)?
Assess your competition: * How are we different from the competition? * What are the general market conditions of our business? * What needs are there for our products and services? * What are the customer-market-technology opportunities? * What are the customer’s problems and complains with the current products and services in the industry? * What “If only….” Statements does a customer make?
Opportunity an area of