In order to determine the attractiveness of a market a company must gain an understanding of the opportunities and threats as they relate to that organization’s own strengths and weaknesses. One way to do this is through a SWOT analysis. The purpose of conducting a SWOT analysis is to identify positive forces that can be used to the benefit of the company and potential problems that need to be addressed and possibly eliminated. The SWOT analysis begins by conducting an inventory of internal strengths and weaknesses in your organization. You will then note the external opportunities and threats that may affect the organization, based on your market and the overall environment. One of the readings this week is by Molitor. Molitor is a forecaster that compiled the Encyclopedia of the Future.
Conduct a market analysis for your chosen company and develop a report that will be given to the senior management of your chosen company. The objective is to develop a Product Innovation Charter (PIC). A PIC is a written document, prepared to chart the company’s new product strategy. To develop the PIC you will need to conduct a PEST and/or SWOT analysis. Your market analysis should also include an analysis of your customers.
You also need to answer the following questions:
- What are the market opportunities?
- What are the technology opportunities?
Identify an area of opportunity for your chosen company. Then develop a PIC for your chosen company. You can find examples and more about a PIC through searching online. At a minimum the PIC should include background, focus, goals and objectives, and guidelines.
Support your paper with a minimum of three (3) peer reviewed articles published in the last five years. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.
Length: 3-5 pages not including title page and references
Your response should demonstrate thoughtful consideration of the ideas and concepts presented in the course and provide new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards.