Generating and Selecting Strategies

Much of the success of a firm is made through innovation and maintaining an edge in the marketplace whether by product, service, cost, etc. which requires continuous improvement. One thing all companies must consider is a strategy. While having an initial strategy is critical to success, it is also important to periodically review and possibly identify alternate strategies that are best for the company.

One of the more popular tools used is a SWOT (Strengths Weaknesses Opportunities Threats) analysis. A SWOT analysis can be helpful to identify internal and external factors that may affect the current strategy of a business. Better understanding the internal factors allows for leveraging strengths and improving in areas of weakness. Conversely, external factors must also be considered to identify areas of opportunity but also be aware of any potential threats. A SWOT is only one of the many tools available to identify and develop a strategy. While it is useful in planning and high level analysis, there are countless other variables to be considered that a SWOT can't fully capture.

A summarized SWOT analysis of Adobe (below) highlights each of these points.

Strengths	Weaknesses	Opportunities	Threats
Product Suite Cloud Services Global Usage Customer Loyalty	Cost Prohibitive Steep Learning Curve New and Differing Products	Product Compatibility Enhanced Cloud Services and Storage	Data Privacy and Security Direct Competition New and Upcoming Technologies