SWOT ANALYSIS Revise

SWOT ANALYSIS TOOL 6

Compile a SWOT Analysis Identifying A Minimum Of Four Elements Under Each Of The SWOT

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SWOT Analysis Table

SWOT Analysis help organizations in identifying the negatives and positives outside and inside their operating environment. Organizations that comprehend their internal and external situation are able to make strategic decisions and plans that will enhance their competitiveness in their respective industry. There are various benefits accrued from using a SWOT analysis. To start with, it is cost effective because it does not require technical skills or extensive training. Besides, it does not need an external consultant. What an organization needs is an employee with extensive knowledge in the field of business (Sutherland, 2008). SWOT analysis is used to perform various applications including conducting a strategic planning and competitive analysis for the company. Through this tool, organizations can identify environmental factors that hinder or allows them to fulfill a certain objective. Through SWOT analysis, analysts can synthesize and integrate diverse information. The table below highlights a minimum of four elements under each SWOT.

How SWOT Analysis As A Tool Assist The Marketing And Management Teams To Solve Problems Within The Company

SWOT Analysis tool which represents strengths, weaknesses, opportunities, and threats is a framework that marketing and management teams can utilize to tackle the challenges facing their company such as declining sales and reduced employee morale and productivity. Through this tool, marketing and management teams can identify the internal influences that affect the performance of the organization. As a result, the management and marketing team can take into consideration all the factors that affect the company productivity when designing advertisement and promotional strategies (Dibb & Simkin, 2005). Besides, the marketing and management team can use it to take any necessary action including exploring new strategies, identifying areas that need significant changes, making decisions regarding new policies, as well as redirecting and redefining company plans. Accordingly, the marketing and management team can use the tool to identify areas that the company is doing exceptionally well and areas that need improvements. As such, the management and marketing team can utilize this tool to capitalize on the strengths of the company while eliminating its weaknesses.

Additionally, the marketing and management team can utilize the SWOT analysis tool to explore possibilities for solutions to the problems ailing the company. It can also be helpful in making decisions regarding the best path that the company can follow in implementing its strategic initiatives. For instance, by identifying the opportunities that exist for the company, SWOT can help overcome the threats in the market. Likewise, SWOT analysis helps in clarifying choices and directions being pursued by the company. Ideally, recognizing the threats and weaknesses that jeopardizes the success of the company is the initial step that the marketing and management team should take. This will help them use a creative and robust set of opportunities and strengths to counter the threats and weaknesses. .

Recommendations for the Management team

Based upon research and this SWOT analysis, there are various ways that the management team can utilize SWOT as a tool to enhance their company competitiveness in the industry. For instance, the management team needs to make sure that they are realistic about their organization weaknesses and strengths. Additionally, they should be able to differentiate between what the organization has achieved currently and what it intends to achieve in future. The application of SWOT analysis as a tool should be specific. For instance, it should be applied to enhance the value of their customers, attract potential customers while maintaining existing ones, or to diversify their products based on the transforming tastes and preferences of the consumer. Accordingly, the management should apply SWOT as a tool based on the competition they are being subjected to in the market. Lastly, they should be subjective and avoid complexity when using the SWOT tool.

In conclusion, as a tool, SWOT Analysis is utilized for auditing firms and their environment. Conducting a SWOT analysis is the initial phase in the planning process and helps the management and marketing team to channel their resources and time on key issues. As an acronym, SWOT means strengths, weaknesses, opportunities, and threats. Weaknesses and strengths are considered internal factors whereas threats and opportunities are external influences. For this reason, companies are encouraged to transform their weakness into strengths whereas as their threats to opportunities. Beside, SWOT analysis provides managers and marketing teams’ options to align their external opportunities with internal strengths with the aim of enhancing the value of its customers and consequently their competitive advantage. The primary objective of conducting a SWOT analysis is to enhance the value of the company products and services as well as retain loyal clients, recruit potential customers and diversify a company product portfolio.

References

Dibb, S., & Simkin, L. (2005). The market segmentation workbook: Target marketing for marketing managers. London: Routledge.

Sutherland, J. (2008). Essential Business Studies. London: Folens Ltd.