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On a Correlative and Evolutionary SWOT Analysis

Author

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  • Vlados, Charis

    (Democritus University of Thrace, Department of Economics)

Abstract

Purpose: The purpose of this paper is to counter-propose a new approach of SWOT analysis, which can be used in the strategic planning of the contemporary organizations. Design/methodology/approach: This paper, after presenting the conceptual context of the existing (conventional) SWOT analysis, presents the existing criticism within the international literature. Then, it articulates gradually the new evolutionary and correlative SWOT analysis, by using the approaches and the literature of evolutionary economics, and the Stra.Tech.Man approach in business dynamics. In conclusion, it presents the new conceptual framework on which a new correlative SWOT analysis can be based. Findings: Main finding of this research is that the interpretation of the conventional SWOT analysis tends to study the strengths and the weaknesses of the business with an analytical dichotomy. The conventional SWOT analysis conceptualizes, usually implicitly, the opportunities and threats of the external environment as having the same impact to all the socioeconomic agents, without exception. However, by using a correlative interpretation of SWOT analysis, we understand that the opportunities and threats are always “potential,” depending on the organization’s strategic capability to exercise its comparative strengths and weaknesses. Originality/value: In the existing literature of SWOT analysis, despite the growing criticism, there is no critique that can give systemic and correlative answers to the articulation of business strategy in SWOT terms. The Stra.Tech.Man approach, also, is a conceptual framework to study the evolutionary adaptation of all the kinds of socioeconomic organizations.

Suggested Citation

  • Vlados, Charis, 2019. "On a Correlative and Evolutionary SWOT Analysis," DUTH Research Papers in Economics 4-2019, Democritus University of Thrace, Department of Economics.
    • Handle: RePEc:ris:duthrp:2019_004
    Note: Journal of Strategy and Management, 2019, Vol. 12, No. 3, pp. 347-363
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    Citations

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    Cited by:

    1. Debasish Roy, 2021. "An Exploration in SWOT Function and Formulation of SWOT Index (SWOTIN): A Cross-Country Empirical Study (2006 – 2015)," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 10(2), pages 53-66, December.
    2. Dimos Chatzinikolaou & Charis Vlados, 2019. "Schumpeter, Neo-Schumpeterianism, and Stra.Tech.Man Evolution of the Firm," Issues in Economics and Business, Macrothink Institute, vol. 5(2), pages 80-102, December.
    3. Wu, Jie & Zhao, Narisa & Yang, Tong, 2024. "Wisdom of crowds: SWOT analysis based on hybrid text mining methods using online reviews," Journal of Business Research, Elsevier, vol. 171(C).
    4. Charis Vlados & Dimos Chatzinikolaou, 2020. "Methodological Redirections for an Evolutionary Approach of the External Business Environment," Journal of Management and Sustainability, Canadian Center of Science and Education, vol. 9(2), pages 1-25, March.

    More about this item

    Keywords

    Strategic management; Conventional SWOT analysis; Correlative and evolutionary SWOT analysis; Evolutionary business theory; Stra.Tech.Man approach; Strategic analysis and synthesis; Business planning;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

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