Swot Analysis : Strategic Management Field Essay
SWOT analysis is one of the most popular tools in use for analyzing the relationship between internal and external environments in order to attain results for decision- making. The beauty of this tool is its internal inspection of the organisational analysis (identified as strengths and weakness), followed by the external scanning (described as threats and opportunities). It was not surprising that SWOT analysis has grown as a crucial tool and a number of researchers and practitioners focused on its analysis in strategic management field. However, the researchers (Hill and Westbrook, 1997, pp.46-52; Lee 2013, pp.570-592; Ghazinoory et al. 2011, pp.24-48) have pointed out that the framework has come under relative limitations on theoretical grounds during the recent decades. The topic of this essay will identify the use of SWOT tool from two stances, that of benefits and relative limitations, and finally, potential solutions will be pointed out.
Benefits of SWOT Analysis
The first part of the essay will exam SWOT analysis’ benefits in the strategic planning process. By asserting “SWOT analysis is a valuable and prevalent tool in strategic marketing planning”, Glaister and Falshaw (1999, p.107-116) strongly believed that SWOT framework is the fundamental idea of strategic situation assessment. Bose (2008, p.510-528) agreed that the merit of SWOT is its acting as a mediator for connecting quantitative and qualitative aspect of strategic planning. Furthermore,…