MKG 300 – Final paper
Professor: Keith D’Ambra
April 27, 2010
1. Marketing Definition
Marketing is the sum total of all activities an organization undertakes to bring about the firm’s desired objectives that are focused on anticipating the wants and needs of consumers. This is done in order to utilize a producers resources efficiently and effectively to produce a good or service to satisfy the wants and needs of its customers.
SWOT is an analysis of an organization’s Strength’s, Weaknesses, Opportunities, and Threats. SWOT is split into two portions, the first consisting of Strengths and Weaknesses and the second consisting of Opportunities and Threats. Strengths and Weaknesses represent the internal strong and weak points of a product, department, or organization. Opportunities and Threats represent the external forces that can threaten a company’s market share or encourage a company to differentiate itself from its competitors.
A SWOT analysis is a great tool that is useful to help focus the efforts and resources available in order to achieve the goals of a specific objective. It can be used to increase the usefulness of a product, assess a person’s ability to compete with his or her peers, or increase a company’s market share. A SWOT analysis can also be used to quickly highlight the pros and cons of an idea or potential product’s feasibility, or even to determine the appropriate marketing mix for that product.
3. The Marketing Mix - 4 P's
The four P’s of the Marketing Mix are:
Product: Consists of developing a product in order to meet the wants and needs of a specific target market and may consist of either a good or service, or a mixture of both. The Product area of a marketing mix should also consider everything from the warranty of a product to the exclusions and limitations of a specific service.
Place: Takes into account the cumulative efforts to get the ‘right’ product to the...