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Development of a strategy for any company requires a multistep process to assess different aspects of the business both internally and externally. Both of these factors have to be comprehensively examined to make successful business decisions. First, an internal analysis of the company must be done to look into the company's strength and weaknesses. This will assess what strengths the company needs to continue to foster and what areas the company can build on as weaknesses. Next, an external factor analysis will be conducted to determine the company's opportunities and threats. These are important to see what can change or be addressed in the near future. Together, all these build a company''s SWOT analysis which is the comprehensive analysis used to help determine what strategy best suits the company. For American Express in specific, they take a multi-channel approach. They have credit cards tailored to different types of consumers in order to widen their target market. When looking into their SWOT analysis, this was a big opportunity since American Express lagged behind its competitors when it came to a wide target audience. The competitors offered better sign on bonuses and rewards to daily middle class consumers than American Express did and not Amex has been able to add credit cards that hit this target audience that they previously didn't attain