At Splash Vodka, we study our strengths, weaknesses, opportunities, and threats, or do a to make sure our company is creating great vodka, connecting with our customers, and being the best our company can be. “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).” (Marketing: An Introduction, 10th Edition. p. 54)
“Strengths include internal capabilities, resources, positive situational factors that may help the company to serve its customers and achieve its objectives.” (Marketing: An Introduction, p. 54) Our strengths are the great relationship we can build with our customers. Our company makes sure to treat our customers like family, making sure they always have a great time when drinking Splash Vodka and letting them know they can always trust our company to produce high quality vodka to the best of our ability.
“Weaknesses include internal limitations and negative situational factors that may interfere with the company’s performance.” (Marketing: An Introduction, p. 54) The major weakness we have is that our company is new and not many people know about us yet. This is were promoting Splash Vodka will help get our name recognized.
“Opportunities are favorable factors or trends in the external environment that the company may be able to exploit to its advantage.” (Marketing: An Introduction, p. 54) Some of our opportunities are that our product is from Las Vegas. With all the tourists that visit Las Vegas, our product can slowly become more recognized all over. It’s also a great place to start our company because our product has the ability to be all across the strip where many people drink alcohol.
“Threats are unfavorable external factors or trends that may present challenges to performance.” (Marketing: An Introduction, p. 54) Our threats are our competitors. Though a great opportunity for our company, the strip is a great opportunity for all our competitors.
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