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The strengths and weaknesses of a company determine its internal capabilities to compete in the market and fulfill customer expectations. Strengths provide the company with a competitive advantage and can include factors such as:
• Skilled human resources
• Existing brands
• Technology expertise
• Distribution capabilities
Weaknesses place the company at a disadvantage, for example, factors such as unskilled resources, inflexible organizational structure, lack of updated technology, and inefficient operational processes.
To find what are the strengths & weaknesses of the brand or the company, there are several stages to go through; which will help you to identify the cup of coffee.
Keys or Inputs:
Management Direction and Insights – senior management team regularly obtains information from the functional strategy teams, it acquires all-inclusive view of the company and, as a result, can provide insights into the strengths and weaknesses of the company as in one piece. These insights allow the senior management team to provide an overall vision for the company, which individual functional teams may not be able to fully recognize.
Organizational Capabilities – Organizational capabilities are those that allow a company to achieve its organizational goals and gain a competitive advantage. It needs to be considered at each strategic level in the company – Corporate, Business Unit or Geographic, and Product or Brand.
Assumptions and Constraints – An assumption can be defined as anything that is considered to be true without proof. E.g. there may be an assumption that all of the required skill sets for Sales and Marketing activities are available inside the company. A constraint is a limitation or restriction that creates certain boundaries or obstacles. E.g. there may be a constraint of six months for launching a product, or creating a product may be conditional on the need for research and design activities.
Existing Marketing Research – Marketing research reports can serve as inputs when analyzing the strengths and weaknesses of a company. There are two types of marketing research, Industry reports and Company Commissioned Reports. Industry reports may contain industry benchmarks that are used to determine the metrics or parameters to measure a company’s strengths and weaknesses, and Company Commissioned reports are research reports created or commissioned by a company to understand specific areas of the company’s strengths and weaknesses which may have significant impact on the decisions to be made by the marketing strategy teams.
These are some keys or inputs used to optimized strengths and weaknesses of a company. There are some tools which are use to determine the strength & weakness like.. Meetings & discussions, Service or Product portfolio analysis, Value Chain Analysis, Market Research etc. which results in the form of outputs as identified Strength & Weaknesses and Marketing Research Reports. While running the business these metrics are very valuable for forming a product or market strategies.