“Managing the marketing function
begins with a complete analysis of the company’s situation. The marketer should
conduct a SWOT analysis, by which it evaluates the company’s overall strengths
(S), weaknesses (W), opportunities (O), and threats (T) Strengths include
internal capabilities. Weaknesses include internal limitations and negative
situational factors that may interfere with the company’s performance.
Opportunities are favorable factors or trends in the external environment that
the company may be able to exploit to its advantage. And threats are unfavorable
external factors or trends” (ARMSTRONG/KOTLER, Marketing: An Introduction pg 55)
Strengths
·
Quality of product
·
Good internal communication
·
a strong sense of purpose and the culture to support the
purpose
·
Very passionate about product and products
·
Client base growing
·
Committed employees
Weaknesses
·
Lack of marketing experience.
·
New to the market
·
Struggle to meet dead lines
·
Lack of market research
·
No global customers
Opportunities
·
Similar products on the market are not as reliable or are
more expensive
·
Loyal customers
·
Product could be on the market for Christmas and other
holidays
·
Customer demand - have asked sales staff for similar
product
·
New product that can be marketed in liquor stores.
Threats
·
Competition increasing
·
Many well-known brands
·
Market over crowed
·
Competitors have a similar product
·
Competitors have launched a new advertising campaign
·
Competitors have stronger brand names
·
Competitors have strong relationships with computer retailers
“Planning,
implementation, and control. The company first develops companywide strategic
plans and then translates them into marketing and other plans for each
division, product, and brand. Through implementation, the company turns the
plans into actions. Control consists of measuring and evaluating the results of
marketing activities and taking corrective action where needed.” (ARMSTRONG/KOTLER,
Marketing: An Introduction pg 55)
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