Project #196281 - MKTG201 WK1 RESP

Business Tutors

Subject Business
Due By (Pacific Time) 08/20/2017 03:00 pm

RES 1 (WILL SEND POST RELATED TO RESPONSE)

Hi,

Great work! Your discussion post is very interesting. This topic is a very interesting subject to discuss. 

What is an example of a SWOT analysis?

Best wishes,
Dr. Bouvin

Res 2

Hello Class,

“Introduced in the early 1950s, the four Ps were called the marketing mix, meaning that a marketing plan is a mix of these four components” (Tanner,Mary, 2013). The four P’s include product, promotion, place and price. “Product” is the item or service that is being offered for sale. “Promotion” is the type of communication that is being relayed in order to sell the product, for example advertising or word of mouth. “Place” is where the product will be sold. It wouldn’t be idle to sell an iron at a car dealership. Lastly is “price” this is the amount the company believe the item will sell for. It is up to the consumers to determine if it is of value to them. But times have changed and the four P’s were a little outdated and didn’t give a detailed background of the marketing world.

            SWOT is strengths, weaknesses, opportunities, and threats. We can use SWOT to conduct a plan that could help us determine our avenue of approach when and if the product hits the shelfs. If we can determine the strengths we could use that to our advantage. If we were to determine a list of weaknesses before a sale this could potentially save the company wasted money fixing issues down the road. Opportunities a product may have is the ability to work with existing products. An example would be a smart house. Although many of the appliances and electronics in the house are made by a different company a lot of them today can talk to each other over a Wi-Fi network. Threats could be external sources that are out of anyone control. If the market is slow and consumers are saving it wouldn’t be the best time to introduce a product that is geared toward the disposable income. I believe SWOT would be a huge benefit for any company to do prior to a new release. There is a lot of time and money that could be saved prior if SWOT is followed.

Jake

Tanner, J. F., & Raymond, M. A. (2013). Principles of marketing version 2.0. Irvington, NY: Flat World Knowledge.

 

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