SWOT Analysis and its importance
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Get Help Now!SWOT analysis is a basic framework that evaluates and monitors the external and internal environment of an organization and measures its strength, weakness, opportunities and threats. In order to understand the essence of SWOT analysis, it is important that we break down its components with respect to its operating environment.
External Environment: This consists of several external factors which explore the different opportunities that are available for a particular organization. Apart from this, it also evaluates the potential and current threats that might disrupt the organization’s strategic goals.
- Opportunities: This is an area in which a particular company in question can earn high profitability and succeed in a longer run. If we look at the scenarios of opportunity, we find that there are three possible scenarios. The first is to offer a product or a service which is in demand but short in supply. The second is to offer its products and services in a different and a better way. The final scenario is to offer a completely new and innovative product that the market has never seen. One of the best examples of this is Apple Inc., which spotted an opportunity in the music player market and introduced its iPod. With its innovated design and user interface, iPod soon became the undisputed market leader in the music player industry.
- Threats: This is a sort of a challenge that the company faces in the absence of proper marketing strategies. This may lead to loss of sales and reduction in overall profits. Although, there are always some form of minor threats in the market, the company in question cannot ignore the major ones, which have capability of hurting its market share.
Internal Environment: This deals with the internal situation of the organization. What are the strengths that can be used to its advantage and what are the weaknesses that can be eliminated?
- Strengths: This is probably the biggest factor that can determine the organization’s success or failure in the market. It needs to harness and take full advantage of its strength. It should be its unique selling proposition (USP). Apple Inc. makes full use of its superior brand image while marketing its expensive gadgets in the markets, and does it successfully!
- Weaknesses: Every business has some weaknesses; the question is how to correct these and how to make sure that they do not affect the overall marketing efforts. Some of the weakness can be ignored, but some need to be eliminated as early as possible, or it can lead to severe long term repercussions.
SWOT Analysis for Express Courier Service
Express Courier Service offers overnight courier services, freight services, logistics solutions and business support services. It operates the world’s largest express transportation company.
| INTERNAL | |
| Strengths | Weaknesses |
| Strong brand image | Declining operating efficiency and weak
returns |
| Security and Safety | Dependence on the US |
| EXTERNAL | |
| Opportunities | Threats |
| Set standards for the whole industry | Increasing transportation cost (gas price increasing) |
| Focus on subsidiary | Economic slowdown in the US |
Strengths: The biggest strength of Express Courier Service is its powerful brand image and its presence in more than 50 different countries. In order to ensure the surety and safety of the confidential items, the representatives are given proper training and they are advised to abide by the principles of the custody needs and requirements.
Opportunities:Being the pioneer putting new software into its business infrastructure will save a lot of money for the company in the long term. Also, Express Courier Service should always keep an eye on information technology and try to adapt to the new emerging technology because it would reduce the operating cost and make the delivery business become more efficient.
Since each subsidiary operates independently and collectively compete with each other, it will become more dynamic, more productive and more efficient than ever before. Decentralization will give subsidiaries more power to perform on its own. Therefore, Express Courier Service could expand Viking Freight so that it could compete on the international market. This would be a big step to gain the global market share for the freight business.
Conclusion and how to use strengths and opportunities to your business advantage?
By using SWOT analysis and finding out its strengths and opportunities, any organization can find the source of its competitive advantage. Once this is done, the organization needs to focus its marketing strategies with reference to its internal and external environment and take full advantage of its competitive advantage.Express Courier Servicemust do the same thing with reference to its strengths and opportunities.
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