Business Mission - Adopting a marketing stance means trying to think like somebody else, and anticipate somebody else’s needs. Studies have shown that well-crafted mission statements have three characteristics. They first focus on a limited number of goals that are challenging yet realistic. Second, mission statements explain the policies and values of the company. Third, they state which markets the company is targeting.
SWOT Analysis - Situational analysis Managers need to know where they are now if they are to be able to decide where they are going. This analysis will involve examining the internal state of health of the organisation, and the external environment within which the organisation operates. At the simplest level, managers can use SWOT analysis to take stock of the firm's internal position: SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Strengths and weaknesses are factors which are specific to the firm; opportunities and threats arise from the external environment. These factors can be broken down further. The list mentioned list is of course not comprehensive. Equally, a threat might be turned into an opportunity: a competitor's new technological breakthrough might lead us to consider a takeover bid, for example, or new legislation might provide a loophole which we can exploit while our competitors have to abide by the new rules.
What are we best at?
What intellectual property do we own?
What specific skills does the workforce have?
What financial resources do we have?
What connections and alliances do we have?
What is our bargaining power with both suppliers and intermediaries?
What changes in the external environment can we exploit?
What weaknesses in our competitors can we attack?
What new technology might become available to us?
What new markets might be opening up to us?
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