Final answer:
The study of marketing strengths, weaknesses, and opportunities is known as a SWOT analysis, which factors into strategic business decisions. It focuses on internal and external elements influencing marketing effectiveness, considering evolving market dynamics due to technology and globalization.
Step-by-step explanation:
The study of a business's marketing strengths, weaknesses, and opportunities is typically encompassed within a strategic tool known as SWOT analysis, which stands for Strengths, Weaknesses, Opportunities, and Threats. This analysis helps to understand the internal and external factors that can affect the viability and success of a business's marketing strategies. Strengths might include core competencies like excellent customer service or a strong brand image. Weaknesses could be a lack of digital marketing expertise or outdated technology. Opportunities might arise from market trends such as the increase in e-commerce, and threats could be new competitors or changes in consumer behavior due to technological advances and globalization.
Insights from Donald Clifton's research on strengths-based management indicate that focusing on leveraging individual and organizational strengths can lead to high performance, although management should be cautious not to over-rely on strengths to the detriment of addressing weaknesses. As markets evolve with shifts in technology and globalization, companies must analyze how these factors create opportunities or threats for their business. Geographic considerations in marketing, such as customer demographics and shopping tendencies are also critical in determining where to spend marketing dollars efficiently.