The tools chosen to analyze the market were SWOT and ATU. Both of these methods have their own benefits and drawbacks. Considering the global strategy, SWOT analysis will be different from those used to analyze local markets. It can be the best option for the international market as well. It incorporates the strengths, weaknesses, opportunities, and threats. While adopting SWOT analysis for global strategy, it needs to consider the following aspects:
There must be the use of verifiable and precise financial statements in order to do the analysis of the given market.
The tool must not be adopted throughout the organization rather should be applied to a right level. This is quintessential to consider for the global strategy since the market becomes large and difficult to analyze.
The main tactic must be to apply other measures to analyze along with the SWOT analysis. It will be troublesome to use only one measure in decision making.
The company needs to analyze and consider the factors while conducting a market analysis. A priority list must be developed which incorporates all the factors having greater significance in decision making about the tool being used and analyze each of them properly.
Evidences
There are several companies using the SWOT in order to assess their business performance. The companies such as IKEA provide evidence about companies that regularly use SWOT analysis. IKEA is a popular home furnishing Retail Company, which was established in 1943. It is the largest retailer in the furniture industry around the world which has 18 stores in the UK and also serves online to its customers. IKEA has used SWOT to assess its business performances. It supports the company to focus on specific problems.
IKEA also adopts Awareness, Trial and Usage studies in order to understand its brand image in the market. The company also developed a “Motivational Mirror” through ATU to enhance the ego of UK. Despite being a social duty, it supports IKEA in the long run.
The other example of a company who uses SWOT analysis is Ford Motor Company. It uses SWOT as a strategic planning tool.
Disproving people who choose other tools
I have selected SWOT and ATU analysis which helps to explain market better and analyze the competitors’ status in the market. There are varieties of measures used to analyze the market before it expands globally. Other competitors might adopt other tools in analyzing their market. But among other tools, the best tool for analyzing the competitors in the market is SWOT analysis.
This analysis will assist to recognize the strengths and weaknesses of J & D Furniture while comparing it with its competitors. Without the SWOT tool, other tools cannot provide the best comparison of the company’s product to that of competitors. Through ATU study, it will help to understand the brand awareness among the consumers and supports in the proper expansion of J & D Furniture in the market.
Brief analysis of the market using these tools
Using the SWOT, the strength of the company is its quick delivery mechanism which supports the strong distribution line. The weaknesses are a decrement in the market sale and poor market in the USA. The opportunities for the company could be its global expansion. But the likely threats are the increasing number of competitors and acquiring low-income group. The ATU analysis only deals with high or middle-income consumers. The information of the company is acquired from the telecom or internet medium.
