MARKETING MANAGEMENT Research Paper Example | Topics and Well Written Essays - 3000 words

MARKETING MANAGEMENT - Research Paper Example 88; Valentin, 2001). This explains why most of the colleges and universities are very focused on equipting all future managers with regards to the use of this particular analytical tool in business (Aghdaie and Zardeini, 2012; Chan, 2011). As defined by Lamb, Hair and McDaniel (2012, p. 40), competitive advantage is â€Å"a set of features of a company and its products that are perceived by the target market as signficant and superior to the competition†. Considering the tight market competition that is currently going on in both domestic and international market, the ability of the managers to develop and create a competitive advantage on behalf of the company becomes very important. With the purpose of gaining more insight on how to critically examine both internal and external factors that can significantly affect the success or failure of a business organization, this study will focus more on critically evaluating the main role of the SWOT analysis framework particularly w hen it comes to establishing strategic priorities that will improve the company’s ability to compete within the local and international market. ... 88) defined SWOT analysis as a â€Å"technique for focusing an individual’s or group’s attention on strengths, weaknesses, opportunities, or threats†. Using a 2 x 2 matrix, the main purpose behind the use of the SWOT analysis framework is to help executive managers make important decisions that can affect the company’s short-term and long-term overall business performance (Aghdaie and Zardeini, 2012; Oetomo and Ardini, 2012). According to Ommani (2011), it is possible to conduct a SWOT analysis to help the business people and executive managers gain a better understanding and full insight with regards to the company’s past business experiences. By going through the previous experinces of the managers, Ommani (2011) explained that the company’s top executives can think better in terms of developing effective solutions to the problems. For example, through the use of this particular analytical framework, executive managers will be able to ident ify the company’s current position in the market and all signs of potential future risks. Specifically the identified strenghs and weaknesses are internal factors whereas opportunities and threats are external factors that can significantly affect the business (Aghdaie and Zardeini, 2012). Using the SWOT analysis framework, executive managers will also be able to compare and constrast the company’s internal strengths and weaknesses with that of its close competitors (Aghdaie and Zardeini, 2012; Murray-Webster, 2010, p. 88). According to Ferrell and Hartline (2011, p. 120), the SWOT analysis framework is the simpliest and most effective strategic planning tool which can be used in the study and analysis of all marketing facts and figures. It means that through the use of