CURRENT TRENDS IN STRATEGIC MANAGEMENT: A COMPARATIVE ANALYSIS OF SWOT AND SOAR APPROACHES
DOI:
https://doi.org/10.60101/gbafr.2023.269044Keywords:
SWOT, SOAR, Strategic management, Management toolAbstract
Purpose – This review article explores the debate between traditional SWOT analysis and the emerging SOAR framework in strategic management. It aims to understand their comparative effectiveness in the modern complex business environment.
Body of knowledge – The results indicate that both SWOT and SOAR frameworks offer complementary strategic management approaches. SWOT is suitable for initial assessments and discussions, while SOAR is more aligned with innovation, collaboration, and positive organizational change.
Implications – SWOT and SOAR are strategic frameworks. SWOT evaluates an organization's strengths, weaknesses, opportunities, and threats, focusing on realistic assessment. SOAR, for strengths, opportunities, aspirations, and results, emphasizes potential and positivity, suitable for fostering growth in innovative settings.
Originality/Value – The originality of this work lies in its comparative analysis of two popular strategic frameworks, providing insights into their applicability and effectiveness in today's dynamic business landscape. The value of this analysis is in guiding organizations to choose the appropriate framework based on their specific strategic needs.
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