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¶ … Company Is One That Is:
Achieving its stated financial and strategic objectives is an above-average industry performer is evidencing growth in firm's sales and market share is Positively viewed by shareholders and customers
Shows Continuing improvement in operating performance (Thompson et al., 2006)
The problem is that immersed in the hurly-burly of routine existence, a company may be unaware of its objective performance; it may under -- or -- over-estimate its results and character of operations. This is where a SWOT analysis comes into play.
The SWOT strategy helps us analyze factors for improvement within the company. SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats. Filling in these categories requires research into the company in question, but the more intensive and comprehensive this research, the better we can answer the question and work towards designing a prospectus for improvement.
The SWOT also tells us how well the company's strategy is working and whether any factors need to...
The benchmark, on the other hand, is the secondary step in the improvement process.
Benchmarking involves analyzing quality, time and cost of factors that are involved in our business. We assess the state of these factors in terms of our business performance and contrast it to that of competitors. The SWOT sets the basis for benchmarking. For instance, if Weaknesses denote certain failings in one or more aspects we can analyze these three aspects - quality, time and cost -- to see whether any of these can be improved. Doing so, can modify Weaknesses. They may also work in ameliorating Threats.
As an example: Smithfield focuses on supplying consumer with good food: "good food is precisely what Smithfield Foods and its independent operating companies bring to tables around the world every day" (http://www.smithfieldfoods.com/). Smithfield Foods, Inc. is the…
Sources
CNN. January 21, 2010. Smithfield Foods Settles Charges Of Pre-Merger Coordination." http://money.cnn.com/news/newsfeeds/articles/djf500/201001211724DOWJONESDJONLINE000718_FORTUNE5.htm.
LaRue T. Hosmer. Smithfield Foods When Growing the Business Damages the Environment
Smithfield. Our Commitments
Thompson, Jr., A.A., Strickland III, A.J. & Gamble, J.E. Crafting & Executing Strategy (17th Ed. & 18th ) New York: McGraw Hill/Irwin.
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