BA 500: Week 4 Assignment
Week 4 Assignment
In this week’s assignment I will discuss the importance of a SWOT analysis and how it works in relation to businesses. A SWOT analysis is a useful tool used by market researchers, business owners and/or individuals that help identify the strength, weakness, opportunities and threats. A SWOT analysis identifies this through both the internal and external factors of a company or their competitors (Fine, 58). It is very useful tool for businesses because you see where your current position is in a market. In my opinion it is a really good approach because it gives the business owners a new approach. By this approach business owners and stakeholders are able to see what they are doing right and what they need to work on from an outside perspective. Many times a company can only assume what problems they may be facing. However with a SWOT analysis the company no longer assumes they actually know for sure where they need to make improvements (Fine, 20). A SWOT analysis also helps the stakeholders create a strategy to distinguish themselves from their competitors. This may help include creating a new advertising campaign, new branding, lower prices or change the overall target audience’s demographic.
As mentioned previously a SWOT analysis looks at both the internal and external factors within a company. SWOT represents the strengths (S) and weaknesses (W) these are the internal factors, and the opportunities (O) and threats (T) these include the external factors. The internal factors include leadership or management performant, human resource responsibilities, the company’s culture and the treatment of employees. The external factors include pricing, reputation, accessibility (is it easy or difficult to buy products), social expectations and the location (Fine, 20). Strengths are what give a company an advantage over other company. Weaknesses are characteristics that place a business at a disadvantage to others. Opportunities are things that the company doesn’t do well but if worked on could eventually be something the company does well. Threats are what if not corrected will eventually cause trouble for the business. In my opinion the SWOT analysis works perfectly together because everything affects the next. SWOT analysis can examine both the overall company and specific departments. For example a SWOT analysis can be used by Apple Inc. to examine the entire brand of Apple, or just one product in particular the IPhone. When using a SWOT analysis to look at the entire company I believe it is not as useful because instead of working on smaller aspects it looks mainly at the big picture. Apple, Inc. is considered to be the second largest information technology companies next to Sony. The company was founded in April 1976 by Steve Jobs and Steve Wozniak. The two men started Apple with a dream that they wanted to make computers that were considered to be user friendly (Brashare, 30). Apple started with just the creation of a Ipod MP3 player. However as of 2015 Apple Inc. has branched out to over several types of eltronics. These include iphones, desktop computers, ipads and laptops, watches and television. Apple Inc. has several strengths that distinguish them from the company. The two main strengths that I will discuss are their brand image and their financial performance. Apple has one of the strongest brand images in the mobile phone industry. Apples products, logos and branding devices are recognizable by their sleek surface and silver logo of a half bitten on the back of their products. Apple has a high level of brand awareness and brand recognition for all of its products in all its markets. These include the mobile industry, ipod industry and the computer industry. In 2008 the Apple Inc. brand worth grew from $11,037 in 2007 to $13,724 million (Brashare, 25). Apple Inc. brand positioning is high...
Cited: Fine, L. (2009). The SWOT analysis: Using your strength to overcome Weakness, Using Opportunities to overcome Threats.
Brashares, Ann. Steve Jobs Thinks Different. Brookfield, CT: Twenty-First Century Books, 2001.
Carlton, Jim. Apple: the Inside Story of Intrigue, Egomania, and Business Blunders. New York: Times Books, 1997.
Yarow, J. (2012, February 7). CHART OF THE DAY: Apple Is Pulling In 40% Of All Mobile Industry Revenue, And 75% Of All Mobile Profits. Retrieved February 28, 2015, from http://www.businessinsider.com/chart-of-the-day-apple-is-pulling-in-40-of-all-mobile-industry-revenue-and-75-of-all-mobile-profits-2012-2
Knerl, L. (2012, March 14). Why Pay The High Price For Apple? Retrieved March 1, 2015, from http://www.investopedia.com/financial-edge/0312/why-pay-the-high-price-for-apple.aspx
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