SWOT analysis (strengths, weaknesses, opportunities, and threats analysis) is a structure for identifying and analyzing the internal and external factors that can have an impact on the possibility of a project, product, place or person. “The framework is credited to Albert Humphrey, who tested the approach in asses and asses at the Stanford Research Institute (SIR). Developed for business and based on data from Fortune 500 companies, the SWOT analysis has been adopted by organizations of all types as an aid to making decisions.” As its name states, a SWOT analysis examines four elements:
Strengths – internal attributes and resources that support a successful outcome.
Weaknesses – internal attributes resources that work against a successful outcome.
Opportunities – external factors the project can capitalize on or use to its advantage.
Threats – external factors that could Jeopardize the project.
Once the SWOT factors are identified, decision-makers should be able to better determine if the project or goal is worth pursuing and what is required to make it successful. Often expressed in a two-by-two matrix, the analysis aims to help an organization match its resources to the competitive environment in which it operates.
VIALS assessment is a tool for businesses worldwide to get to get to know their consumers. It identifies current and future opportunities by segmenting the consumer marketplace on the basis of the personality traits that drive consumer behaviors.
VIALS categorizes consumers into the eight cryptographic types: innovators, thinkers, achievers, experiences, believers, strives, makers, and survivors. (Boone & Kurt, 2010) It has two critical concepts for understanding consumers: primary motivation and resources. The results of my VIALS assessment identified me as an experience and an achiever for my secondary.
Experiences are described as motivated by self-expression. They can quickly become enthusiastic about new possibilities but are equally quick to lose interest. As young, enthusiastic and impulsive consumers, they seek variety and excitement. They find themselves disperse their energy by exercising, sports, outdoor recreation and social activities.
Achievers, on the other hand, are described as motivated by the desire of achievement. They have a goal-oriented lifestyle and a deep commitment to career and family. The main social focal points are structured around family and work.
Achievers are active in the consumer marketplace. Image plays an important role that demonstrates success to their peers. (Strategic Business Insights, 2009) The two cryptographic categories that described me as a consumer are very accurate. I always find myself wanting the new gadgets and constantly upgrading.
Acquaintances presents businesses to me and have this exciting appeal at first, but quickly diminishes. I never described myself as too competitive, but I do have that drive to be better than my peers.