SWOT Analysis

Strengths: “A competitive advantage is the set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition.” (Lamb, Hair, McDaniel, MKTG, pg211) We actually have a competitive advantage because we have a classic vodka. Many people may not see this as an advantage, but so many vodkas are so extreme now that nobody can find a high-quality classic like ours.

Weaknesses: “Any marketing mix is only as good as its weakest component. The best promotion and the lowest price cannot save a poor product. Similarly, excellent products with poor placing, pricing, or promotion will likely fail.” (Lamb, Hair, McDaniel, MKTG, pg 25) Fortunately our weakness is that we are a new brand that is just starting out. We are not well known yet, so consumers may choose other brands over ours that they are used to because “usually buyers are familiar with several different brands in the product category but stick with one brand. Consumers engaged in routine response behavior normally don’t experience need recognition until they are exposed to advertising or see the product displayed on a store shelf.” (Lamb, Hair, McDaniel, MKTG, pg 67)

Opportunities: There are many opportunities for our brand, including being able to place our product in many retail places and well as utilizing media for product placement. “Product placement is a strategy that involves getting one’s product, service, or name to appear in a movie, television show, radio program, magazine, newspaper, video game, video or audio clip, book, or commercial for another product; on the internet; or at special events.” (Lamb, Hair, McDaniel, MKTG, pg241). We can also make our price elastic because of the cheap production cost to better suit our consumer and keep our high-quality image.

Threats: The threats are the brands that already exist in the market place. Many people do not like to try new things, but thanks to innovators in our field we are sure that we can overcome this because “innovators are eager to try new ideas and products, almost as an obsession. In addition to having higher incomes, they are more worldly and more active outside their community than non-innovators. They rely less on group norms and are more self-confident.” (Lamb, Hair, McDaniel, MKTG, pg152)