Prioritizing SWOT factors using hybrid model of BSC, SWOT, Fuzzy AHP and Fuzzy TOPSIS techniques developed for use in a large Iranian commercial bank

Abstract

The purpose of this paper is Prioritizing SWOT factors and BSC Indexes based on their relation to each of Performance measurement aspects which affects strategic marketing plans in a large Iranian commercial bank. The paper purposes a hybrid method for improving the usability of Balanced Score Card and SWOT analysis. A commonly used decision analysis method, the Fuzzy Analytic Hierarchy Process (FAHP) and Fuzzy Technique for Order Preference by Similarity to Ideal Solution (FTOPSIS) calculations framework are integrated with BSC and SWOT analysis Indexes. Fuzzy AHP‘s connection to BSC shows priorities for each of four Strategic aspects of organization and BSC‘s Related Indexes according to Balanced score card theory. also Fuzzy TOPSIS‘s connection to SWOT yields analytically determined priorities for the factors included in SWOT analysis based on their relation to each of BSC‘s aspects. In fact this research proved that applying pair wise comparisons through FUZZY MCDM techniques between various BSC‘ indexes which have been related to SWOT‘s factors cause an efficient evaluation and ranking processes of SWOT‘s factors which are determined as improvable elements or hindering factors for strategic marketing planning processes. The results shows that based on BSC Theory; learning and growth aspect is the most important aspect in the bank and Internal Processes has the second priority between four organization aspect by BSC theory. Also the results indicated that Weaknesses‘ factors are the highest priority between SWOT‘s factors and the next priority belong to Strengths. hence banking improvement efforts should be concentrated on decreasing Weaknesses effects and reinforcement of Strengths especially in learning and growth aspects. The present study examines a new hybrid model for improving the using Balanced Score Card and SWOT analysis in Commercial Bank of Iran, In fact combining BSC method with SWOT helps us to identify Priority of BSC aspects based on SWOT elements in Bank also determines the priority of SWOT factors from internal and external marketing environments through more accurate approach than other related researches. The researcher chose the case study method because it provides a better understanding and content theorization of the processes and context in which the practices of management control take place [16].