Situation or SWOT Analysis

“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, Gary Armstrong, pg. 55) Although as brand ambassadors we are expected to project the brand in a positive light, it is still important to take into account all the possibilities that could affect the brand. This includes competition, price, the market environment, etc. In clearer terms, “strengths include internal capabilities, resources, positive situational factors that may help the company to serve its customers and achieve its objectives. Weaknesses include internal limitations and negative situational factors that may interfere with the company’s performance. Opportunities are favorable factors or trends in the external environment that the company may be able to exploit to its advantage. And threats are unfavorable external factors or trends that may present challenges to performance.” (Marketing An Introduction, Gary Armstrong, pg. 55) Our strengths include the fact that we are not a chip or pretzel—both common bar foods. Additionally, with pork rinds, there is a higher fat content, meaning that bar-goers would be able to drink more before feeling drunk. Moreover, pork rinds are naturally very salty and with the added option of a vinegar-based dip [included in packet form within the packaging] the sour or savory snack would encourage drinking. Our weaknesses would lie in the fact that we would be a new item on the market. Branding would have to be very strong to compete with the big names in the industry. We would also be competing with Filipino and Hispanic markets, as “chicharones” already exist. Our version would have to offer something new that hasn’t already been done. Opportunities would lie in the economy we currently have—people are spending money again. Social media and technology also be a significant opportunity we should take advantage of, as the digital age would be the key to our exposure. Threats would obviously be the big names in the industry, specifically those who have a big market share. We would have to really push product and believe in the product to stand a chance against their vast branding and marketing power.