Essay about Market Mix
The marketing mix was defined by McCarthy forty years ago as the set of marketing tools that a firm uses to pursue its marketing objectives or goals (Kotler and Keller, 2006). The marketing mix is then broken down into four distinct categories. These categories …show more content…
This area of the SWOT analysis looks to identify any shortcomings within the organization. The weaknesses could include any areas that a company is losing sales or customers to a competitor. A weakness could be defined as a process or system within that could be very inefficient, which could drive up costs that could affect pricing and product decisions later in the marketing mix.
An opportunity is the ability of the organization to take advantage of their strengths and improve upon their weaknesses. An opportunity to create a new item or service to fulfill a customer demand and bring added profitability to the company would be an example of an opportunity.
Threats Addressing a threat, a company needs to look at the competitive and economic environment in which they operate in. A threat for an organization could include new competition, economic downturns, and even government legislation. The next step for a company after looking at itself in the mirror with a SWOT analysis is to