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

MARKETING MANAGEMENT - Research Paper Example88 Valentin, 2001). This explains why most of the colleges and universities are very foc apply on equipting every last(predicate) 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 a cross out of features of a caller 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 deprivation 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 project 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 leave behind focus more on critic ally evaluating the main role of the SWOT analysis framework particularly when it comes to establishing strategic priorities that will improve the companys ability to compete within the local and international market. ... 88) defined SWOT analysis as a technique for focusing an individuals or groups attention on strengths, weaknesses, opportunities, or threats. Using a 2 x 2 matrix, the main figure behind the use of the SWOT analysis framework is to help executive managers make important decisions that can affect the companys 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 companys past business experiences. By going through the previous experinces of the managers, Ommani (2011) explained that the companys realise executives can think be tter in terms of developing effective solutions to the problems. For example, through the use of this particular analytical framework, executive managers will be able-bodied to identify the companys 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 companys 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