TTM associates Article
What is SWOT Analysis?
It doesn’t need a marketing guru to tell you that a ‘strategic marketing plan’ should contain a mission statement, market overview, SWOT analysis, financial summary, marketing objectives and strategies and resources allocations. It is also essential to include all facts concerning details on time planning, cost forecast, and budget. Albert Humphrey led a research project at Stanford University in the 1960s to identify why corporate planning failed. The research identified the tool used to explore each of the critical areas and was called SOFT analysis. Humphrey and the original research team specified the categories: “What is good in the present is Satisfactory, good in the future is an Opportunity; bad in the present is a Fault, and bad in the future is a Threat.” Later Urick and Orr changed the F to W and it stuck like that.
Why do we perform SWOTs?
SWOT analysis maps the most important areas that influence SURVIVAL and PROSPERITY! Where the company is vulnerable and in what areas there is an opportunity to ‘value’. However, the truth is that most cases of SWOT analysis is NON SENSE! The threats of any company can be listed today without even knowing who they are! Competition, changing technology, regulators, deregulators, and the list goes on. In fact, the SWOT report of competing pharmaceuticals such as GSK and Pfizer is available on SwotandPestle.com and their analysis quadrants look quite similar.