It’s usually a simple checklist to identify and evaluate the company’s Strengths, Weaknesses, Opportunities, and Threats. This list should be realistic, relatively short, specific, and subjective and should be clear about company’s future goals and improvements. It is necessary to use this kind of process to identify trends, witch create good marketing opportunity and to achieve advantages over competitors. This process consists in recognizing the internal factors (strength and weaknesses; might refer to aspects of marketing, finance, manufacturing or organisation) and external factors (opportunities and threats; might include environment, the economic situation, social changes or technological developments) that are favourable and unfavourable to achieve the company objectives. This analysis helps to clarify and summarise the key issues and opportunities that a business is facing. The ideal outcome would be to maximise strengths and minimise weaknesses in order to take advantage of external opportunities and overcome the threats.
2. Why is it important for someone like IKEA to do one?(4) Ikea uses Swot analysis to arrive its goals and objectives through internal analysis and external research. It’s the best way to access a business current status and future. It intensifies strategic plans and goals by encouraging critical and specific thinking. Furthermore allows a company to develop strategies to remain competitive in their market. By using this process ikea can maximise its opportunities and anticipate threats, this method also allows the company to maximize its strengths and minimize the weaknesses. SWOT analysis can be extremely beneficial to a company.
3. Who should carry out the SWOT analysis in IKEA?(2)
The Marketing management team should do this analysis by doing researches and collecting data. They should examine the internal and the external factors. Once they have completed the...