Operations Management
Best Global Strategy Tools
The chosen tools were SWOT analysis and Awareness, Trial, and Usage examinations to assessing the market effectively with the objective of coming up with appropriate decisions. These tools have benefits and limitations in their capacities. In regard to the global strategy, the SWOT model to be adopted will be somehow distinct from the one that is used by various firms for the local markets. Though it clearly can be a perfect instance for the same, the tool helps identify its strengths, weaknesses, opportunities, and threats. In using it with the universal strategy, the following entities have to be outlined:
- The only verifiable and clear projection has to be chosen while examining the market.
- The tool has to be adopted on the right stage instead of imposing it on the whole firm. It is essential for the universal strategy as the market tends to be too extensive to assess.
- Do not rely on a particular tool present. One has to select some other elements alongside it.
One has to discuss or examine the elements that are most relevant while conducting a market assessment. One should come up with a priority list of the most relevant entities and begin to assess them effectively.
Evidence
Many firms that are successful in their operations adopt the SWOT analysis to assess their general performance. The firm, for instance, IKEA, is an example of organizations that frequently conduct the SWOT analysis. It is a globally renowned retail organization and was established in the year 1943. Today, it has grown to be the dominating furniture dealer in the universe. The organization has eighteen stores in the UK currently and also facilitates online stores to its clients. IKEA adopts a SWOT model to attain its business objectives (Wu, 2020). The strategic planning tool aids IKEA in concentrating on primary issues in its operations that are key to improve performance.
IKEA also conducts Awareness, Trial, and Usage examinations to assess its brand value in the market. In its incorporation of the Awareness, Trial, and Usage examinations, the firm has come up with a “: Motivational Mirror” to enhance the reputation of the United Kingdom. Though the firm has a social obligation, however, it finally gains IKEA.
Another instance of an outstanding organization that applies the SWOT analysis is Ford Motor Company. The firm adopts the SWOT model as a frequent entity as a strategic planning element. The tool has enabled Ford Motor Company to identify its strengths that it uses in countering its weaknesses, exploit opportunities, and focus on the threats that may be present in the operations. SWOT analysis being embraced in Ford Motor Company to enhance its operations in making outstanding decisions on enhancing performance, thus the increased productivity and success of Ford Motor Company over time (Phardermrod, Crowder & Wills, 2019). This has resulted in Ford Motor Company being one of the largest automobile companies globally as it is in a better position to strategize its operations using effective strategic tools to enhance operations.
Refuting those that selected other tools
I have selected the SWOT analysis and ATU examination since these entities can effectively outline the market assessment and aid in examining the competitor’s position in the market. There are other existing entities to assess the market before expanding the market. People may decide to settle on those tools in their assessment. The most appropriate entity which is accessible to us to assess the rivals in the operations is the SWOT analysis.
SWOT analysis is appropriate as it will aid in examining the strengths and weaknesses of the firm J & D Furniture and will relate them with the rivals. If SWOT analysis is not conducted, then no additional tool can effectively be on the same capacity in regard to the comparison of the firm’s product based on the rivals (Gurel & Tat, 2017). In the Awareness, Trial, and Usage examination, the brand assessment can be carried out hence inform the awareness of the clients regarding the J & D Furniture. This will aid in enhancing the operations of the entity effectively in all the relevant aspects of the business entity hence enhanced performance.
A brief analysis of the market using these tools
The strength of the company is the quick delivery it facilitates to the clients and outstanding distribution line that it operates on. Though the company has its weaknesses, such as minimized sales and an unpromising US market, the organization may take advantage of the universal expansion, and enhancing the count of rivals with the attainment of lower-income groups are the risks for the organization. Awareness, Trial, and Usage examinations being adopted will entail only the high and mid-income clients. The projections of the firm can be recorded by the telecom means or internet technique.
References
Gürel, E., & Tat, M. (2017). SWOT analysis: a theoretical review. Journal of International Social Research, 10(51).
Phadermrod, B., Crowder, R. M., & Wills, G. B. (2019). Importance-performance analysis based SWOT analysis. International Journal of Information Management, 44, 194-203.
Wu, Y. (2020, February). The Marketing Strategies of IKEA in China Using Tools of PESTEL, Five Forces Model, and SWOT Analysis. In the International Academic Conference on Frontiers in Social Sciences and Management Innovation (IAFSM 2019) (pp. 348-355). Atlantis Press.