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Principles of Marketing

Ninth Canadian Edition
by Philip R. Kotler
361 Solutions 19 Chapters 1972 Studied ISBN: 9780133257830 Marketing 5 (1)

Chapters 2: Application_Question 1

1. In a small group, conduct a SWOT analysis, develop objectives, and create a marketing strategy for your school, a student organization you might be involved in, or a local business.

 

Step-By-Step Solution

1.Answer

Students’ plans will vary, but they should be aware of the elements of a marketing plan. A SWOT analysis evaluates an organization’s overall strengths (S), weaknesses (W), opportunities (O), and threats (T) (see Figure 2.7). Strengths include internal capabilities, resources, and positive situational factors that may help the company or organization to serve its customers and achieve its objectives. Weaknesses include internal limitations and negative situational factors that may interfere with the organization’s performance. Opportunities are favorable factors, or trends in the external environment that the organization may be able to exploit to its advantage. And threats are unfavorable external factors or trends that may present challenges to performance.

The objective(s) should logically follow conclusions from the SWOT analysis, and the strategy recommended should support the objective(s). The marketing strategy should identify the target market(s), positioning, and the marketing mix.

 

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