SWOT analysis
DESCRIPTION
An internal and external assessment of a firm in terms of its strengths, weaknesses, opportunities, and threats of its operations in a market.
An internal and external assessment of a firm in terms of its strengths, weaknesses, opportunities, and threats of its operations in a market.
KEY INSIGHTS
As a situational scanning of a firm’s internal and external environment, SWOT analysis helps match a firm’s internal capabilities with its external prospects. It is a framework used extensively in marketing management as it entails an in-depth view of a firm. This involves looking at the political and legislative environment, socioeconomic variables, industry trends, technological advances, competitive advantages, competitors, and all organizational factors that may impact its strategy and plans. Strengths and weaknesses are related to factors in the firm’s internal environment, whereas opportunities and threats are linked to its external environment.
As a situational scanning of a firm’s internal and external environment, SWOT analysis helps match a firm’s internal capabilities with its external prospects. It is a framework used extensively in marketing management as it entails an in-depth view of a firm. This involves looking at the political and legislative environment, socioeconomic variables, industry trends, technological advances, competitive advantages, competitors, and all organizational factors that may impact its strategy and plans. Strengths and weaknesses are related to factors in the firm’s internal environment, whereas opportunities and threats are linked to its external environment.
KEYWORDS Strengths, weaknesses, opportunities, threats
IMPLICATIONS
A SWOT analysis can potentially provide some important insights into the factors that are encouraging or hampering the achievement of a firm’s objectives. It can help answer questions related to where the firm is currently and where it is planning to move and it can be of value in helping direct a firm’s strategy development.
A SWOT analysis can potentially provide some important insights into the factors that are encouraging or hampering the achievement of a firm’s objectives. It can help answer questions related to where the firm is currently and where it is planning to move and it can be of value in helping direct a firm’s strategy development.
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Brooksbank, Roger (1994). ‘The Anatomy of Marketing Positioning Strategy,’ Marketing Intelligence & Planning, 12(4), May, 10–14.
Brooksbank, Roger (1994). ‘The Anatomy of Marketing Positioning Strategy,’ Marketing Intelligence & Planning, 12(4), May, 10–14.
Li, Shuliang, Davies, Barry, Edwards, John, Kinman, Russell, and Duan, Yanqing (2002). ‘Integrating Group Delphi, Fuzzy Logic and Expert Systems for Marketing Strategy Development: The Hybridisation and its Effectiveness,’ Marketing Intelligence & Planning, 20(5), September, 273–284.
Marketing Research
Anwar, S. F., and Siddique, S. R. (2000). ‘SWOT with a Quantitative Outlook: Revisiting the Analysis,’ Proceedings of the 2000 IEEE International Conference on Management of Innovation and Technology, Institute of Business Administration, Dhaka University, 1, 128–133.
Anwar, S. F., and Siddique, S. R. (2000). ‘SWOT with a Quantitative Outlook: Revisiting the Analysis,’ Proceedings of the 2000 IEEE International Conference on Management of Innovation and Technology, Institute of Business Administration, Dhaka University, 1, 128–133.
BIBLIOGRAPHY
Piercy, Nigel, and Giles, William (1989). ‘Making SWOT Analysis Work,’ Marketing Intelligence & Planning, 7(5), June, 5–7.
Piercy, Nigel, and Giles, William (1989). ‘Making SWOT Analysis Work,’ Marketing Intelligence & Planning, 7(5), June, 5–7.
symbiotic marketing see cooperative marketing
symbolic adoption see adoption process