Practical application of marketing tools swot analysis and pest analysis in the development of economic diplomacy strategy [Articol]

Abstract

The use of tools associated with marketing and business fields in the theoretical development of concepts in diplomatic studies is not a new phenomenon. SWOT and PEST frameworks have been used to analyze the effectiveness of policies, existing strategic dominants of different branches of diplomacy, etc. However, the aspect of adding these tools to diplomats’ everyday arsenal, and their probable effectiveness in the age of globalization and merging of different fields of studies, is not being explored to the fullest. This article explores the possibilities and advantages of using SWOT and PEST frameworks of business analysis for strategic planning of economic diplomacy. In this article, the concepts of strategical planning of economic diplomacy, SWOT and PEST frameworks, and their modifications in relation to diplomatic strategy, are defined. The article addresses theoretical challenges, specifically the limitations of the aforementioned frameworks which are associated with particularities of information gathering in the field of diplomacy. Overall, the findings in this article conclude, that the incorporation of SWOT and PEST marketing frameworks in the formulation of economic diplomacy strategy, specifically in conditions of limited resources and reforms in governance, which necessitates prioritization and meticulous planning, such as in the case of Ukrainian economic diplomacy strategy. Therefore, the Ukrainian system of planning and strategy in the field of economic diplomacy was used as an example of the application of the marketing frameworks in this area. The theoretical conclusions of this analysis may serve as a foundation for the conceptualization of theoretical frameworks and guidelines and for the strategic reconsideration of incorporating SWOT analysis and PEST analysis into the development of economic diplomacy strategy in Ukraine.