SWOT analysis is strategic planning technique used in evaluating the strengths, weaknesses, opportunities and threats facing a project or a business venture. It involves stating the objectives of the venture and pointing out internal and external forces that are favorable or unfavorable for achieving the objective. Quality deployment function refers to a comprehensive and systematic link between customers’ needs and a variety of organizational processes and business functions (Hill, 2005). These organizational processes include design, quality, manufacturing, production and sales. QFD helps planners to focus on features of an existing or a new product or service from the customer’s segments, technological-development and company’s point of view. QFD works by seeking to identify qualities and business opportunities and translate them into designs actions that will exceed obvious expectations and offer satisfaction that generates value.
A capitalist economy is a kind of economy where every person in the country has the right to invest capital, to work in businesses, and buy and sell goods and services without any restrictions from the state. This kind of economy gets its support from five pillars, namely private ownership; profit motive, private property, open competition and consumer sovereignty. Under this system, people have the rights to buy, own, rent or sell private property. Profit is the reward and incentive why people produce goods and services and their sole aim is to maximize returns and profits. Competition is the rivalry between providers of goods and services as they compete for a large market share in the consumer segment. However, the customer is at liberty to choose which goods and services to buy, and from which suppliers, thus the consumer sovereignty may determine the success or failure of a business enterprise.
The increased competition facing today’s global business has become a significant reality in their daily operations. The considerable influence of increasing needs of sophisticated customers, shortened product life cycles, and upgrading of production mechanisms has made the business environment more aggressive(Marthur, 2011). The vicious competition has also become critical in the service sector, which provides intangible assets.
SWOT analysis allows businesses to assess the global environment and the industry they operate in and develop strategies to remain competitive (Hill, 2005). The business uses its strengths and opportunities to position itself in the market and cut a competitive edge over the other companies. Analysis of weaknesses and threats enables an organization to develop strategies of dealing with them without affecting the operations. QFD in critical in the global environment since it incorporates the voice and needs of customers in product designs, increasing the possibility of meeting all customers needs and minimizing chances of rejection. This assists a company to gain competitive advantage since the product already meets the needs of the sophisticated customers. Pillars of capitalisms, on the other hand, enables organization understand their rights of owning, buying and selling properties, understand theories of demand and supply, price and profit policies and customer sovereignty. It is critical in enabling organizations offer competitive goods and services to customers since they determine the success or failure of most businesses. In addition, it enables organizations to set prices that are competitive enough to be able to maximize profits while at the same time retaining customers.
From the analysis above, it is evident that SWOT analysis, QFD and pillars of capitalism are largely interconnected in today’s global business, and each organization has to employ them to position itself in the right position in the economy, and be able to compete effectively (Marthur, 2011). These strategies allow organizations to maximize their profits by offering quality products and services; minimize costs of production and deals with weaknesses and threats facing the organization before they cripple its operations.