You enter your project team meeting with Mike and Tiffany to

You enter your project team meeting with Mike and Tiffany to hear them discussing the tools that they found to conduct an analysis of the industry and competitors. “Mike, there are so many more tools than I even realized to give us some good data,” Tiffany states.

“I know,” Mike says. “That’s why I wanted to take some time to look at our options and figure out what information we really need to support the board’s decision.”

Mike and Tiffany both found some great tools from their research on the subject. Complete the following:

Based on your classmates’ discussion posts for Week 2, do you still believe the tools that you selected will work best for a global strategy? Why or why not?

What evidence do you have to support your decision?

How would you refute the people who chose an additional tool rather than one of the tools that you selected?

Based on the tools that you selected, provide a brief analysis of your market, using those tools.

Solution

Best Global Strategy Tools

The selected tools were SWOT and ATU to analyzing the market thoroughly. These tools are having their own advantages and disadvantages. While talking about global strategy, SWOT analysis to be used will be a bit different from the one used for local markets. Although it definitely can be a best fit for the same. It helps the corporation knowing its strength, weaknesses, opportunities and threats (Houben, Lenie &Vanhoof, 1999). While using it with global strategy following things should be considered:

You need to discuss or analyze the factors those are most important while doing the market analysis. You should make a priority list of the most significant aspects and then start to analyze them accordingly (Piercy & Giles, 1989).

Evidences

Various companies use SWOT analysis to analyze their business performances. The companies like IKEA, is an evidence of the company which regularly perform SWOT analysis. It is an internationally popular home furnishing Retail Company and was founded in 1943. Today, IKEA is the largest retailer of the furniture in the world. The company has 18 stores in United Kingdom till date and also provides online stores to its customers. IKEA uses SWOT analysis for achieving its business goals. This strategic planning tool helps IKEA to concentrate on its key issues (IKEA, 2010).

IKEA also performs Awareness, Trial and Usage studies to analyze its brand value in the market. Through the use of ATU studies the company has developed a “Motivational Mirror” to raise the ego of the UK. Although the company does as a social duty, however, it also benefits IKEA in the long run (IKEA, 2010).

Another example of the successful company that uses SWOT analysis is Ford Motor Company. Ford Motor Company also used SWOT analysis as regular basis as a strategic planning tool.

Disproving people who choose other tools

I have chosen SWOT analysis and ATU study because these tools can best describe the market study and help to analyze the competitors’ status in the market. There are many other tools that exist to analyze the market before extending the market. Others may choose those tools in their study. However, the best tool which is available to us to analyze the competitors in the market is SWOT analysis (Houben, Lenie &Vanhoof, 1999).

SWOT analysis is necessary as it will help to analyze the strengths and weaknesses of the company J & D Furnitures and will compare them with the competitors. In case if the SWOT analysis is not done than no other tool can best match the level of comparison of the company’s product over the competitors. In ATU analysis the brand analysis can be done, which will again tell the awareness of the customers about the J & D Furnitures. This will help to expand the business properly (Macdonald & Sharp, 2000).

Brief analysis of the market using these tools

The strength of the company is the quick delivery it provides and strong distribution line. Although it consist of weaknesses like reduced market sale and bad US market. Company can take advantage of global expansion and increasing number of competitors with acquisition of lower income group are the threats for the company. ATU study will include only the high and mid income customers. The details of the company can be taken through the telecom medium or internet medium (Bodhaine & Johnson, 2013).

References

Bodhaine, S., & Johnson, D. (2013). Amped ATU. Encuity research.

Houben, G., Lenie, K., &Vanhoof, K. (1999). A knowledge-based SWOT-analysis

system as an instrument for strategic planning in small and medium sized enterprises. Decision support systems, 26(2), 125-135.

IKEA, (2010). Sustainability Report 10.

Macdonald, E. K., & Sharp, B. M. (2000). Brand Awareness Effects on Consumer

Decision Making for a Common, Repeat Purchase Product: A Replication. Journal of business research, 48(1), 5-15.

Piercy, N., & Giles, W. (1989). Making SWOT analysis work. Marketing Intelligence &

Planning, 7(5/6), 5-7.