Global marketing summary Essay
The article begins by defining what swot is. It is a strategic planning tool used for evaluating the strength, weakkeness, opportunities and threats involved in a business venture. Swot involves specification of the objective of the business venture and internal and external factors that are favourable and unfavourable to achieving the objectives. Swot analysis categorise key pieces of information into two main categories, namely:-
-Internal factors – these deals with the strengths and weakness internal to the organization
– External factors which deals with those opportunities and threats presented by the environment. The internal factors are viewed as strengths or weakness depending upon their impacts on the organizations objectives. This is because what may represent strengths with respect to one objective may be a weakness for another objective. These factors include all of the 4ps as well as personnel, finance, manufacturing capabilities and many more. The external factors include macroeconomic matters, technological change, legislation and social cultural changes as well as market place or competitive position.
The results of swot are more often presented in the form of a matrix. Swot analysis as one of the methods of categorization has its own weakness. It may tend to persuade a company to compile lists
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This is achieved by including more detailed competitor information in the analysis. This is enhanced by having internet –related activities such as trade organization participation, search engine inclusion and outside links to the sites. This helps to spot opportunities for and threats to your company. (Wiley, 2005): Often, opportunities arise as a result of changing business environments that affect a swot analysis. These includes such things like a new trend developing for which demand surpass the supply of quality options.
A customer segment becoming more predominant, but their specific needs are not met fully by your competitors; customer, competitor or supplier goes out of business or merges with another company Swot analysis is expanded through surveys which help one to learn more of him as well as competitors’ sites and business. This will be enhanced by considering customer awareness, interest, trial and usage level, brand, site, company image, importance of different sites or product attributes to the customers as well as product and site performance. This relates to our text materials in several ways.
It generally gives the way of analysing ones company in relation performance that may get to how well or worse is performing. Getting this information will enable find new strategies of making greater profits which is only realised through marketing. For a business or company to operating in the global markets, it must be in good position to compete with its counterparts. It is therefore through such analysis that the company will be to go for global marketing. Global marketing requires critical consideration of several factors which are being addressed in this article.
These are both internal factors and external one which quite paramount for the success of business. These include tariffs and other barriers like quality standards of particular commodities that are put in place by different countries. It also emphasise on the application of the 4ps that should not be neglected. According to my understanding of this article, I do believe that swot analyses will very much aid businesses which would like to go to global marketing. This is because it contains all the necessary essential factors which will businessmen and companies to consider first before going global. Read also Business Article Summary
In case where the company finds the threats at the external factors to be more pronounced then, it will be better for to decide to remain in national market. For those companies which are already in the global market, they will use the swot analysis and be in position of find ways to improve their annual gross profits hence becoming better competitors. Swot has advantages for both small scale businesses and accompanies as well as larger ones. It helps to link various businesses in all levels of operations. It may aid a business to get more organized after consideration of many factors that it employs.
The questions that I pose to my classmate are as follows:- If swot tool is effective techniques for business analysis, will it be also effective in the analysis of the global market? Secondly, what other method are in use in analysing global market research? Third, is the swot technique widely applicable in both the developing and the developed countries? Fourth, apart from market analysis, what are the other parts of swot analysis is applicable
Reference: Carol, A. (2001): Market Models: ISMA Centre. Wiley, H. G. (2005): Commodities and Commodity Derivatives: