Sample Paper on Marketing Mix and Conducting Swot Analysis

Marketing mix

Marketing mix refers to a set of activities that the company uses to promote its brands and product to the market. However, marketing mix is executed using the 4Ps of marketing. These include price, promotion, place and product. Thus, marketing mix help in understanding what the product can offer and how to disposition for a fruitful product offering (Nugroho, Haryono & Minarsih, 2015). The description of the four Ps:

Price: this refers to the value for a product. This depends on the segmented targeted market, cost of production and the ability and willingness of the customers to pay.

Product: this refers to the actual offering by the company. The organization need to deliver a product that satisfies the need of the market.

Place: this refers to the point of sale. The organization need to use good distribution method that will enable the product to be in the market at the right time and in the right place.

Promotion: this refers to the activities that the organization carry out to enable the product known to the users and the consumers.

However, once the marketing mix is handled in the right way, the company can achieve great success (Weinstein, 2015).

Conducting SWOT analysis

An organization conducts its analysis on strengths, weaknesses, opportunities and threats. Strengths and weaknesses are the internal factors and these can be controlled by the mangers in an organization. Opportunities and the threats are the external factors of the company and thus are not controllable by the mangers of the organization. Therefore, the organization conducts the SWOT analysis to determine its competitive edge. However, the competitive edge will be used in the strategic planning. This is done by knowing the strengths of the business that include both the communication skills and the leadership skills (Chandra, Stroube & Willis, 2014). However, the organization may also determine the weakness and find out ways to minimize the weaknesses since they can be controlled.  The organization also identifies the opportunities that it has and need to be exploited. SWOT analysis helps to the organization to capitalize on the opportunities and develop a long term plan.

References

Chandra, A., Stroube, W. B., & Willis, W. K. (2014). Rehabilitation Centers: Marketing Analysis and Future Challenges. Health marketing quarterly, 31(4), 326-338.

Nugroho, A., Haryono, A. T., & Minarsih, M. M. (2015). Analisis Strategi Pemasaran Surety Bond Pada PT. Asuransi Raya Cabang Semarang Dengan Menggunakan Analisis SWOT. Journal of Management, 1(1).

Weinstein, A. (2015). Analyzing Market Opportunities in Service Organizations: A Leisure Services Case. In Proceedings of the 1993 Academy of Marketing Science (AMS) Annual Conference (pp. 430-433). Springer International Publishing.