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Major Benefits of SWOT Analysi]] `
- 1. Simplicity
- 2. Lower costs
- 3. Flexibility
- 4. Integration and synthesis
- 5. Collaboration
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Directives for a productive SWOT analysis
- 1. Stay focused
- 2. Search extensively for competitors
- 3. Collaborate with other functional areas
- 4. Examine issues from the customer�s perspective
- 5. Look for causes not characteristics
- 6. Separate Internal Issues from External Issues
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Common criticism against SWOT
- 1. Becomes a sterile academic exercise of classifying data and information
- 2. Allows firms to create lists without serious consideration of the issues.
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Internal segments of SWOT
- 1. Strengths
- 2. Weaknesses
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External segments of SWOT
- 1. Opportunities
- 2. Threats
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Questions that should be asked in order to identify the most critical issues affecting a company
- 1. What do customers (and noncustomers) believe about us as a company
- 2. What do customers (and noncustomers) think of our product quality, customer service, price and overall value, convenience, and promotional messages in comparison to our competitors?
- 3. Which of our weaknesses translate into a decreased ability to serve customers (and decreased ability to convert noncustomers)?
- 4. How do trends in the external environment affect customers (and noncustomers)?
- 5. What is the relative importance of these issues, not as we see them but as customers see them?
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Types of Resources
- 1. Financial
- 2. Intellectual
- 3. Legal
- 4. Human
- 5. Organizational
- 6. Informational
- 7. Relational
- 8. Reputational
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Four issues to be aware of when applying a SWOT test successfully
- 1. Assessment of strengths and weaknesses must look beyond the firm�s resources and product offerings to examine processes that are key to meeting customers� needs. This often entails offering �solutions� to customer�s problems rather than specific products.
- 2. Achievement of the firm�s goals and objectives depends on its ability to create capabilities by matching its strengths with market opportunities
- 3. Firms can often convert weaknesses into strengths or even capabilities by investing strategically in key areas.
- 4. Weaknesses that cannot be converted into strengths become the firms limitations
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What two elements of the SWOT Matrix should be matched?
Strengths and opportunities
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What elements of the SWOT Matrix should be converted to another?
- Weaknesses to strengths
- Threats to opportunities
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What two elements of the SWOT Matrix should be minimized and avoided?
Weakness and threats
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Quantitative Assessment of the SWOT Matrix
- I=Importance of the element (1 low to 3 high) (critical to business model)
- M= Magnitude of the element (1 low to 3 high) (potential impact)
- R= total Rating of the element
- Rating either 1 to 3 or -1 to -3
- MXI=R
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Three basic strategies for developing capabilities and competitive advantages
- 1. Operational excellence
- 2. Product leadership
- 3. Customer intimacy
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Four general directions for its strategic efforts
- 1. Aggressive ( many internal strengths/many external opportunities)
- 2. Diversification (many internal strengths/many external threats)
- 3. Turnaround (many internal weaknesses/many external opportunities)
- 4. Defensive (many internal weaknesses/many external threats)
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7 key factors of 3M
- 1. Commitment to innovation
- 2. Active maintenance of the corporate culture
- 3. Broad base of underlying technology
- 4. Active networking
- 5. Reward employees for outstanding work
- 6. Measure results
- 7. Listen to the customer
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Characteristics of a Marketing Goal
- 1. Attainability
- 2. Consistency
- 3. Comprehensiveness
- 4. Intangibility
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Specific characteristics of a marketing objective
- 1. Attainability
- 2. Continuity
- 3. Time frame
- 4. Assignment or responsibility
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