BUSINESS MANAGEMENT

Business Management: SWOT, BCG and I.R. Matrices Analysis

When the company has stepped into the market and is ready to deliver its products or services to the market consumers, it engages itself in evolving. For this purpose, it has to develop strategies that are favorable for its company continually. The strategies are based on the unceasingly changing external factors such as market risk, legal considerations, technological changes, competition, consumer preferences, etc., that shape the competitive landscape each day. Based on the available information from inside and outside the company, the business strategies have to be outlined with planning tools for simplifying, organizing, and focusing on the inputs and outputs. This paper aims at providing an analysis of the significance of the SWOT matrix, BCG matrix, and, I.E., a matrix that would influence recommendations for strategic plans for improving the companys position.

The significance of the SWOT matrix is that it helps the company create and mix and match all four areas of the matrix to find new opportunities and overcome its threats. SWOT matrix would be valuable in outlining the companys battle plan. It helps pinpoint its internal strengths and the available resources and compensate itself for the weaknesses for fighting with external forces, like a market rivalry. The company sets itself to realize that there are factors that it cannot control, especially...

For instance, W.O. combines a companys weaknesses to take advantage of the available market opportunities (Mondal, 2017, p. 164). In Macys case, it can improve on its weakness of insignificant technological advancement for capturing the opportunity of market share, product variety, online sales marketing, and customer service.

Similarly, SO strategies could be formulated by analyzing the SWOT matrix to help Macys realize its opportunities and capitalize on its existing strengths, such...

…the parameters of strengths and weaknesses that would influence the business in the long term, short term, and medium-term basis. Since the matrix has nine cells divided into three major sections with their strategic implications, Macys should understand its significance in growing and building its business. It would lead the company to either take the help of intensive strategy for market penetration, product development or market development, etc. or hold and maintain its already achieved market share that would inculcate market penetration and product development. Macys positioning in the, I.E. matrix could be seen in I, II, IV, V, VI, and IX cells. This means that the above two scenarios in which intensive strategy and maintaining/holding position could be carried out simultaneously.

With the above-mentioned strategic management tools, Macys would be able to provide an overall direction to its business by developing plans that are in favor of achieving the desired objectives by utilizing its resources carefully and gaining a…