How a well-written Strengths, Weaknesses, Opportunity, Threat, Trends (SWOTT) analysis should be a critical tool utilized in analyzing marketing information before launching a new product. How a SWOTT analysis may be employed to uncover competitive advantages to gain advantage in the market.
As a professional marketing consultant; help a company launch a new product in their industry. Your objective throughout this assignment is to develop and to gain and maintain a competitive advantage in the selected industry, and create value for the target market. Develop analysis completing an industry and competitive analysis for your client. Create a new product or service to be offered by a company (either an existing firm or a start-up company) in one of the following industries:
•Office supply products
•Outdoor recreation
•Fast food restaurant
Include the following in your analysis:
•A detailed description of the new product or service offering.
•Determine market needs (justification for your choice of product).
•Review past market history and estimate future growth potential.
•Analyze the company's strengths and weaknesses. List external opportunities, threats, and any possible trends.
•Analyze potential competition for the new product.
•Write a detailed overview of the competitive landscape.
•Assess the competition's strengths and weaknesses.