References need to be books and journals along with online source
PowerPoint Presentation 1 Template of a Marketing Plan 2 SMATR Objectives Marketing Variables Financial Variables Market share Return on Investment (ROI) Competitiveness Profit Customer satisfaction Costs reduction Brand loyalty Increasing share price Specific Measurable Achievable Realistic Timely • Setting deadlines. • Without it, the objective is not measurable! • This is about human resources, time, money and opportunity. • The main reason its achievable, but not realistic, is that its not a high priority. Often something else needs to be done first. • You know its measurable. • Others have done it successfully (before you or somewhere else). • Its theoretically possible (i.e. clearly not ‘not achievable’). • You have the necessary resources or at least a realistic chance of getting them. • You’ve assessed the limitations. • How will you know when you have achieved your objective? • Evidence is needed, so, make sure you state how you will record your success! • Can everyone understand them? • Are they free from jargon? • Are all terms defined? Tasks: Following the SMART criteria, write down 2 marketing and 2 financial objectives using the variables listed below: 1 SWOT and TOWS Analyses A SWOT analysis systematically integrates internal and external analyses to find a ‘strategic fit’ between what the environment wants and what the organisation has to offer, as well as between what the organisation needs and what the environment can provide. SWOT analyses have been criticised in that the tool in practice can be ineptly used which makes it of no real value; and that managers often fail to identify an appropriate set of strategic choices and recommendations. The TOWS analysis overcomes the SWOT analysis shortcomings whilst using the same inputs as the SWOT analysis. The SWOT/TOWS matrix (see Figure 1) is very useful in creating a series of strategic alternatives that the decision makers in an organisation might not have otherwise considered. Figure 1: SWOT/TOWS Matrix Task: Develop a SWOT/TOWS Matrix Analysis for your Case Company. Microsoft Word - gurel_emet.doc Uluslararası Sosyal Araştırmalar Dergisi The Journal of International Social Research Cilt: 10 Sayı: 51 Volume: 10 Issue: 51 Ağustos 2017 August 2017 www.sosyalarastirmalar.com Issn: 1307-9581 Doi Number: http://dx.doi.org/10.17719/jisr.2017.1832 SWOT ANALYSIS: A THEORETICAL REVIEW Emet GÜREL Merba TAT** Abstract This study is a literature review on SWOT, qualitative and descriptive in nature. The study will examine SWOT Analysis in a historical, theoretical, time frame perspective, as an effective situation analysis technique which plays an important role in the fields of marketing, public relations, advertising and in any fields of requiring strategic planning. SWOT Analysis is an analysis method used to evaluate the ‘strengths’, ‘weaknesses’, ‘opportunities’ and ‘threats’ involved in an organization, a plan, a project, a person or a business activity. In this qualitative and descriptive study, firstly the position of SWOT Analysis in the strategic management process is explained, secondly the components of SWOT Analysis is examined. The study includes an international sports wear brand’s SWOT Analysis; historical origins of SWOT, advantages-disadvantages and the limitations of SWOT is also reviewed. Keywords: SWOT Matrix, TOWS Analysis, TOWS Matrix, Planning, Strategic Planning. 1. INTRODUCTION Today most organizations engage in strategic planning. Strategic planning is a way to help an organization be more productive by helping guide the allocation of resources in order to achieve goals. It is a strategic management tool. In other words it is a part of strategic management. In fact, strategic planning is a key to successful strategic management. Strategic management is the continuous process of creating, implementing and evaluating decisions that enable an organization to achieve its objectives. Strategic management allows an organization to be more proactive than reactive in shaping its own future; it allows an organization to initiate and influence - rather than just respond to- activities -and thus to exert control over its own destiny (David, 2003: 15). Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. The strategic management process is a sequential set of analyses and choices that can increase the likelihood that an organization will choose ‘good strategy’, that is, that generates competitive advantages. It begins with vision. Vision is a picture of the future. It describes the desired future position of the organization. The second step of strategic management process is mission. An organization’s mission is its long-term purpose. Missions define both what an organization aspires to be in the long run and what it wants to avoid in the meantime. Objectives are the third step of strategic management process. Objectives are concrete goals that an organization seeks to reach. The next phases of the strategic management process is external and internal analysis, also called SWOT Analysis. By conducting an external analysis, an organization identifies the critical threats and opportunities in its competitive environment. It also examines how competition in this environment is likely to evolve and what implications that evolution has for the threats and opportunities an organization is facing. While external analysis focuses on the environmental threats and opportunities facing an organization, internal analysis helps an organization identify its organizational strengths and weaknesses. It also helps an organization understand which of its resources and capabilities are likely to be sources of competitive advantage and which are less likely to be sources of such advantages. Based on SWOT Analysis, organizations can choose the appropriate strategy. Strategic choice is associated with vision, mission, objectives and the external and internal analysis of the organization; an organization is willing to make strategic choices. This is to say that an organization is able to choose its ‘theory of how to obtain a competitive advantage’. The next step of strategic management process is implementation of strategy. Choosing a strategy means nothing if that strategy is not implemented. Strategy implementation occurs when an organization adopts organizational policies and practices that are consistent with its strategy (Barney and Hesterly, 2006: 6-11). And the final step of this process is to obtain competitive advantage. Prof. Dr., Ege Üniversitesi İletişim Fakültesi Halkla İlişkiler ve Tanıtım Bölümü. ** Öğr. Gör. Dr., Yaşar Üniversitesi Meslek Yüksekokulu Halkla İlişkiler ve Tanıtım Programı. Uluslararası Sosyal Araştırmalar Dergisi Cilt: 10 Sayı: 51 Ağustos 2017 The Journal of International Social Research Volume: 10 Issue: 51 August 2017 - 995 - Figure 1: The Strategic Management Process 2. WHAT IS SWOT ANALYSIS? SWOT Analysis is a tool used for strategic planning and strategic management in organizations. It can be used effectively to build organizational strategy and competitive strategy. In accordance with the System Approach, organizations are wholes that are in interaction with their environments and consist of various sub-systems. In this sense, an organization exists in two environments, one being in itself and the other being outside. It is a necessity to analyse these environments for strategic management practices. This process of examining the organization and its environment is termed SWOT Analysis. Figure 2: SWOT Analysis “SWOT Analysis is a simple but powerful tool for sizing up an organization’s resource capabilities and deficiencies, its market opportunities, and the external threats to its future” (Thompson et al., 2007: 97). The acronym* SWOT stands for ‘strengths’, ‘weakness’, ‘opportunities’ and ‘threats’. The SWOT Analysis, also referred to as ‘SWOT Matrix’, can also be formulated as ‘TOWS Analysis’ or ‘TOWS Matrix’. As in Turkish, considering the adaptation of the capital letters, the acronym can be indicated as ‘GZFT Analysis/Matrix’ or ‘FÜTZ Analysis/Matrix’. SWOT Analysis is a strategic planning framework used in evaluation of an organization, a plan, a project or a business activity. SWOT Analysis is therefore a significant tool for situation analysis that helps the managers to identify organizational and environmental factors. SWOT Analysis has two dimensions: Internal and external. Internal dimension includes organizational factors, also strengths and weaknesses, external dimension includes environmental factors, also opportunities and threats. 3. THE COMPONENTS OF SWOT ANALYSIS SWOT Analysis is a process that involves four areas into two dimensions. It has four components: ‘Strengths’, ‘weaknesses’, ‘opportunities’, ‘threats’. Strengths and weaknesses are internal factors and attributes of the organization, opportunities and threats are external factors and attributes of the environment. SWOT Analysis is typically drawn out in a four-quadrant box that allows for a summary that is organized according to the four section titles. The following table is a SWOT Analysis, with its four elements in a 2x2 matrix. * Acronym is a word formed from the first letters of each one of the words in a phrase. In other words acronym is a word formed from the initial letter or letters of each of the successive parts or major parts of a compound term (Merriam-Webster Collegiate Dictionary, 2016). Uluslararası Sosyal Araştırmalar Dergisi Cilt: 10 Sayı: 51 Ağustos 2017 The Journal of International Social Research Volume: 10 Issue: 51 August 2017 - 996 - Table 1: The Components of SWOT Analysis In SWOT Analysis, strong and weak aspects of an organization are identified by examining the elements in its environment while environmental opportunities and threats are determined