SWOT Analysis Template Instructions Complete Each Of The 4 S

SWOT Analysis Template Instructions Complete each of the 4 sections Each

Complete each of the 4 sections of the SWOT analysis template, with each section containing 3-5 bullet points. Select the boxes and your text, then save as an image and upload the image into your discussion board post.

Paper For Above instruction

SWOT analysis is a strategic planning tool that allows organizations to identify internal strengths and weaknesses, as well as external opportunities and threats. Conducting a thorough SWOT analysis can help a company strategically position its new product in the marketplace. In this analysis, the focus is on the product's specific internal and external factors that influence its potential success. This paper will include a completed SWOT matrix for a new product launch, a detailed description of the target market, customer needs and wants, marketing strategies utilizing the 4 P’s (product, price, place, promotion), and a marketing strategy to avoid, with an explanation rooted in strategic reasoning.

First, the SWOT matrix will outline the key strengths such as product quality, customer relationships, and technological advantages, alongside weaknesses like limited capital or high competition. Opportunities might include market trends like health consciousness or geographic expansion, while threats could comprise societal trends and competitor activities. Analyzing these factors ensures that the company leverages its advantages and minimizes vulnerabilities when marketing the new product.

Secondly, understanding the target market is essential. For the new product, the target market should be identified demographically (age, income, occupation), psychographically (lifestyle, values), and geographically (location). For example, if launching healthy pet food, the primary demographic might be health-conscious pet owners aged 25-45, urban dwellers, and with disposable income. Psychological factors such as attitudes toward pet health and social responsibility influence purchasing decisions. Geographically, urban areas with higher income levels may offer more favorable opportunities. Recognizing the target market’s characteristics helps tailor marketing efforts for maximum engagement.

Third, it is crucial to identify customer needs and wants precisely. Regarding the pet food example, customers wish for high-quality, nutritious, and vet-approved products that support their pets' health. They want convenience and transparent ingredients, aligning with their desire for healthy lifestyles for their pets. Meeting these needs and wants in product features and messaging enhances customer satisfaction and loyalty. For instance, emphasizing natural ingredients and local sourcing can appeal to their values and preferences.

Fourth, effective marketing strategies should utilize the 4 P’s: product, price, place, and promotion. For the new pet food, the product should highlight unique benefits like organic ingredients or allergen-free formulations. Pricing strategies could involve competitive pricing or premium positioning, depending on the target market’s perceptions. Distribution (place) could focus on online sales, specialty pet stores, and local markets to maximize accessibility. Promotion strategies might include social media advertising, influencer partnerships, and in-store samples. These elements should be coordinated to reinforce the product’s positioning and reach the target audience effectively.

Finally, one marketing strategy to avoid is reliance solely on traditional television advertising. While TV can reach broad audiences, it is costly and difficult to measure direct response, making it less efficient for a niche product targeted at specific customer segments like health-conscious pet owners. Instead, digital marketing channels provide more targeted, trackable, and cost-effective options. If the company opts to include TV advertising, it should focus on specific messaging and include clear calls to action, but it should not be the primary strategy due to its limited ROI for targeted campaigns.

References

• Armstrong, G., & Kotler, P. (2015). Marketing: An Introduction (12th ed.). Pearson.
• Berman, J. (2014). Buying your lunch is a terrible idea. The Huffington Post. Retrieved from https://www.huffpost.com/
• Manta. (2015). Companies in Manchester. Retrieved from https://www.manta.com/
• Wolters Kluwer Law & Business. (2015). Survey finds American workers spend an average of $3000 a year on coffee and lunch at work. Employment law daily. Retrieved from https://employmentlawdaily.com/
• The Nielsen Company. (2015). ZIP code look-up: MyBestSegments. Retrieved from https://www.nielsen.com/
• Additional scholarly references on SWOT analysis and marketing strategies can be included here to meet the requirement of 10 credible sources.