SWOT Analysis

the overall evaluation of a coiRjfinny's strengths. Weaknesses. Opportunities, Add threats is cal led SWOT analysis, Il involves mou ¡to ring the external and internal marketing environment.

EXTERNAL ENVIRONMENT (OPPORTUNITY AND THREAT) ANALYSIS A business unit has to monitor key tnaçrpetùiironmeiitJ&iws (demographic-economic, natural, technological. political-Iégal, and social-cultural) and significant inicractHiirorttnenrpctors (customers. com pet lu its, suppliers, distributors, dealers) thatnffect its ability to earn profits. i he business unit should set up a marketing Intelligence system to track trends and important developments. l:or each (itnd or development, ruanagement needs id identify the tissocn a ted opportunities and threats.

A major purpose of environmental scanning is to discern new opportunities. In many ways, gooil marketing K the ait of finding, developing, and profiting from opportunities. ■'' A marketing opportunity is an area of buyer need arid interest in which there is a high probability that a company cait profitably satisfy that need. There are three main sources of market oppWgmlics,,",Thcfirsl j s. to supply something that is in short supply. This requires little marketing talent, as the need is fairly obvious. The second is lu supply art existing product or service in a new or superior way, i here are several ways to uncover possible product or service improvements: by ¿isking consumers for their suggestions (problem detection method)1, by asking consumers to Imagine an ideal version of the product or service (idea! method}] and iiy asking consumers m chart their steps in acquiring, using, and disposing of a product tcoàsiuuption chain riietf«Offl.The third source often leaiis to a totally new product or service,

Mseting a need witn a nm product or service is perhaps the most rewarding way—whan you get it right— hut it is Ihe riskiest as welt, as Segway LLC Found out. When Dean Karri en created the Segway Human Transporter, a 55.000 electric scooter, he had high tiopes that it would be a papular. noJlpojluling gîtçmalive to walking. M so far tne nign-priced scooter lias not found its market. In part because it Hies in the face of a (lewertul mcroènvirôftment forcé — ¡lie current concern with obesity and interest In Hie Health bene-tits of walking. The company may have more success in tanking al how rnicroenvironment actors—such as local government agencies and the military—car benefit from the product. Early reports indicate that Segwpy is well received in sunn? government agencies; Seal tie water meter readers have been testing Segways, aritJ in Los Angeles, the police o! the Melrofiolilafl Transportation Authority liave found the Se g way ■ useful.*'

Opportunities can take many forms, and marketers have to he good a? spoiling them. Consider die following;

■ A company may benefit from converging imîustiy Mends .m<l imrctduce Inbrid pmducts Or services that are new ti> the market. Example: At least five major cell phone manufacturers released phones with digital photo capabilities,

■ A company may make a buying process more eon ve ni en I or efficient. Example: Consumers can noiv use the Internet to Hud more books than ever and search for the lowest price wilh a few clicks.

fc A company can meet the need for more information and advice. Example: Guru.com facilitates finding professional experts in a wide range of fields.

¡1 A company can customize a product or service that was formerly offered only in a stan dard form. Example; P&Gs Hefleci.com Web stic is capable of producing a Custom tied skin career hair care product to meet a customer's need.

■ A company can introduce a net* capability Example: Consumers can now create and edit digital "¡Movies" with the new iMac and upload them to an Apple Web server to share with friends around the world.

■ A company may be able to deliver a product or a service faster. Example: l-edt-j; discoverer! a way to deliver mail and packages much more t|ulc|dy than the U.S. Post Office.

□ ÉVELOPING MARKETING STRATEGIES AND PLANS

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