SWOT and General Notes in Class

ADMS 1000 The Business Book SWOT & General Discussion - Lecture Notes ***Important Info Swat *** SWOT Analysis for Strategic Planning SWOT analysis helps in assessing a company's current position and planning for the future. It focuses on internal strengths, weaknesses, and external opportunities, threats. The alignment of internal strengths with external opportunities is key for strategic fit. Involving staff and customers in SWOT analysis provides a broader perspective for better decision-making. Limitations of SWOT Analysis Projections about future events: Predictions may not always be accurate due to unforeseen factors or changes in the external environment. Varying stakeholder information: Different perspectives and biases can lead to incomplete or biased analysis results. General Snapple's Success Story Snapple, founded in 1972, gained popularity for its healthy drinks made from natural ingredients. The company was subject to several buyouts, with its unique blends sold in over 80 countries worldwide. Importance of Alternative Views in SWOT Analysis Senior managers need perspectives from all levels of the organization. SWOT analysis success depends on translating findings into action. Market Mapping Market mapping is a tool for analyzing a company's position and competition. It helps in understanding consumer perceptions and competition in the market. Market maps plot opposing qualities of products to identify gaps in the market. The goal is to find opportunities for differentiation and inform marketing strategies. Utilizing Market Mapping Market mapping helps in identifying market gaps for new startups and opportunities for established businesses. It can be combined with SWOT analysis to exploit opportunities and reposition products. Market Positioning and Analysis Speedo's market positioning is based on producing high-performance products. Market analysis helps companies like TWG Tea identify market gaps and target specific customer bases. Internal Focus in Market Mapping Companies can use market mapping to analyze their own products and avoid strategic drift. Successful market mapping relies on market research and understanding customer perceptions. SWOT Analysis and Market Mapping Both tools help companies understand themselves, the market, and the competition. Awareness of weaknesses can prevent costly strategic mistakes and aid in long-term planning. Standing Out in the Market In competitive markets, companies need to differentiate to achieve commercial success. Unique Selling Propositions are essential to stand out from the competition. Historical Context of Differentiation Edward Chamberlin's Theory of Monopolistic Competition and Rosser Reeves' Unique Selling Proposition concept highlight the importance of differentiation. Philip Kotler's idea of Emotional Selling Propositions emphasizes evolving marketing strategies.