SWOT modelSWOT analysis focuses on both the internal and external environments of a company. The acronyms stand for Strengths, Weaknesses, Opportunities and Threats. When talking about internal aspects of a firm, SWOT addresses the strengths and the weaknesses. The key factors could be the following: build a strong brand and reputation, product quality, being on the top of the market and organisational communication. On the other side, opportunities and threats occur within the external side of the business; these include economic conditions, the issues of the market, government regulations, trends and technology development.
SWOT analysis is a useful tool to help explore strategic advantages and design successful market plan. Meanwhile, exploring weaknesses to improve them in a way that is formed into strengths to attract the achievement. When performing the analyses correctly threats can be turned into opportunities to increase competitiveness. (Hollensen, 2015)SWOT has a simplicity that makes it easy to prepare with the right amount of comprehensive knowledge about the company and the industry as well.
It can be a way for collaboration, because of its simplicity it is a great way of disunion between different departments that can open up a dialogue about another knowledgeable employees’ perspective. Furthermore, it has a way of flexibility that enhances the firm’s strategic planning. In addition, it is a tool which constantly feeds new practical information about the market structure. The last benefit of the SWOT is its integration; it allows the manager to integrate both widely known and new occurring information.
(Hollensen, 2015)Digital Marketing Digital marketing is the usage of digital marketing channels such as the internet, social media sites, mobile devices, search engines and other ways to attain customers’ attention. This form of marketing said to be a new method to draw customers, though widely and rapidly spread through in the last few years. It gives a new perspective on customer understanding and gaining knowledge about their needs and pains. Digital marketing markets certain target groups, it could include search result ads on Facebook or on Google, anything that could show an interaction between the company itself and the segmented customer. Digital marketing should not be mixed with online (internet) marketing. Online marking based on the internet or on social medias, where else digital marketing could also take place on bus platforms or on different smartphone apps. (Barone, 2019)To gain a better knowledge about digital marketing itself and the future of it as well, it is helpful to examine which connections between the target segment need to be managed and acknowledge in order to make a successful marketing plan. As today’s digital marketing involves a big amount of interaction with the audience, managing and utilizing the 5Ds of Digital helps to determine the advantages to understand customer interaction and to be able to attract future customers while being able to learn from current audience. 1. Digital devices: companies usually interact with the customers through devices such as smartphones, tablets, computers and TV.2. Digital platforms: major interactions go through business websites, social media sites such as Facebook and Instagram or on Google.3. Digital media: this could include paid communications and advertisements, e-mail messaging, social networks or even search engines. 4. Digital data: to be able to utilize digital media, business insiders collect customer profiles and communication to customise their content, 5. Digital technology: the technology companies operate for interactive experiences gathered from the website or smartphone apps. (Chaffey, 2018)To understand better what digital marketing is, it is essential to set goals that are achievable and easy to adapt to. SMART framework helps businesses to attain their desired objective. SMART is the acronym for Specific, Measurable, Achievable, Relevant and Time-bound, it is used to ensure the goals a business set is clear, reasonable and will guide towards success. The first term of the framework attributed in Management Review by George T. Doran which was issued in 1981. Later on, Saint Louis University Professor Robert S. Rubin mentioned and worked with SMART for The Society for Industrial and Organization Psychology article. He stated that SMART shows different people different meaning, meanwhile Rubin also states that the definition could improve its importance while adding Evaluated and Reviewed to the framework to make it SMARTER. 1. Specific – set goals need to be simple and easily understood in order motivate yourself to focus. Answering the five W questions could always be helpful: what, why, who, where and which. 2. Measurable ” measurable goals can help the business track progress and motivate themselves to achieve the specific goals while setting deadlines to be effective towards the goal.3. Achievable ” the best way if the goals are attainable and realistic, you should reach for the stars but within your ability to make it possible. With attainable goals it is easier to look for new opportunities.4. Relevant ” relevant goals will support in the way towards success. It is needed to have control over reasonable goals and be resourced. 5. Time-bound ” goals need to be time sensitive. With a deadline it is easier to focus on achieving them and work towards long-term plans. SMART framework is an effective tool that can be used by everyone and everywhere without being an expert. It provides clarity, supports with motivation and enhances the ability to fight for the objectives with a timely date. Even though its effectiveness, it is still discussed whether it can be easily misunderstood and questioning its long-term ability as it has an absence of flexibility or smothers creative perspective. (Mind Tools, n.d.)BenchmarkingBenchmarking helps to analyse and recognize different practices for the company’s profit and operations. Managers differentiate the quality of their productions and their distribution with competitors externally or internally with other business or operations within the same firm, who operates with the same quality service and have the same goal orientation. It helps to identify and understand performance and what is giving the effort to excel in another level. Examining competitors or another internal firm help to innovate operations and improve for their own good. Benchmarking selects key factors that are successfully driven and areas that are exceptional to benchmark. Collecting data than analysing those data for further opportunities and development. This tool sets relevant goals and make sure to implement acceptance throughout the whole company. As mentioned, it could be external and compare a business to another one and see how they operate and use different methods to stay in competition. However, what is relevant for this exam is internal benchmarking. It compares a business process to another similar strategy inside the firm with the advantage of applying the best practices. Even if a different organization are set place in different market place, it is still the fastest way to shar information while reviling the cost positions. Furthermore, it is a great way to learn more about the organization and taking matters into improvements. (Bain and Company, 2018)