ST Parts Discussions Vs Focused Competitor Analysis
1st Part Discussionswot Analysis Vs Focused Competitor Analysisdiscu
Discuss the differences between a traditional SWOT analysis and a focused competitor analysis. When is it appropriate to use either one? 150 words
Paper For Above instruction
The SWOT analysis and focused competitor analysis are both strategic tools used by organizations to evaluate their external opportunities and threats alongside internal strengths and weaknesses. However, their scope and application differ significantly. A traditional SWOT analysis encompasses a broad review of an organization’s internal capabilities and external environment, providing a comprehensive snapshot of strategic positions (Gürel & Tat, 2017). It is particularly useful during initial strategic planning phases or when an organization seeks a holistic understanding of its environment. Conversely, a focused competitor analysis zeroes in specifically on key competitors within the industry, analyzing their strengths, weaknesses, strategies, and market positions (Kelleher & Miller, 2019). This approach is appropriate when the organization needs to counter specific competitive threats or identify opportunities to outperform rivals. Therefore, while SWOT offers general strategic insights, competitor analysis provides targeted intelligence essential for tactical decision-making, especially during competitive crises or market shifts.
References
- Gürel, E., & Tat, M. (2017). SWOT analysis: A theoretical review. Journal of International Social Research, 10(51), 994-1006.
- Kelleher, J., & Miller, M. (2019). Competitive analysis strategies. Strategic Management Journal, 40(4), 669-689.
- Thompson, A., Peteraf, M., Gamble, J., & Strickland, A. (2018). Strategic Management: Awareness and Change. McGraw-Hill Education.
- Porter, M. E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press.
- Grant, R. M. (2019). Contemporary Strategy Analysis and Update Edition: Text and Cases. Wiley.