In the past, SWOT analysis for strategy and change has been adopted by many organizations to gain a competitive advantage. SWOT analysis is an acronym for Strengths Weakness Opportunities and Threats developed by Ken Andrews in the 1970s. Strengths are the organization’s capabilities and available resources that aid in performing well amidst competitors. Weaknesses are the resources the company lacks and might derail its productivity. Opportunities are the exploitable factors in the organization; hence understanding the importance of strategy is required in identifying the factors. Threats depict themselves in various forms; environmental, individual, or even group and affect performance if not addressed. Furthermore, Primark can incorporate SWOT analysis in assessing porter’s five forces of a competitive position that will help them improve on their weak links and maintain their strengths.
SWOT analysis for strategy and change
PORTER’S FIVE FORCES OF COMPETITIVE POSITION ANALYSIS
Michael developed this model. E. Porter, in 1979. Porter’s five forces create a framework for assessing the level of competition for a business organization. The forces are supplier power, buyer power, competitive rivalry, the threat of substitution, and the threat of new entry. Therefore, Primark has to keenly analyze each of these forces and make the most rational decision regarding each. By using this model and SWOT analysis together, Primark can determine its current position in the market, as a result, make necessary adjustments. The importance of strategy reveals itself when incorporating these models since drafting a strategic plan is necessary before their implementation.
Porter’s five forces of competitive position analysis
S12793 SWOT ANALYSIS; MARKETING STRATEGIES FOR INCREASING SALES
In developing useful market strategies, Primark should use SWOT analysis as a tool for assessment. They can incorporate the following: differentiate their products from other competitors to cater to customers’ needs and wants. Incorporate social media and the current technology into the organization, for instance, by creating a website and offering online shopping services. Clearly understand the importance of strategy in defining and reaching out to their target population and practicing positive customer retention strategies such as providing aftersales services. Porter’s five forces can also aid Primark in determining their marketing strategies by assessing each force to increase sales and profitability levels.
marketing strategies for increasing sales
