What is the marketing mix? Discuss how conducting a SWOT (strengths, weaknesses, opportunities, and threats) analysis helps a firm to develop its strategic plan. Think of a recent trip to the movies, the grocery store, or a department store. Brand placement and product promotion is constantly around us, so what have you recently spotted?
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Marketing mix is a combination of factors that can be controlled by a company to influence consumers to purchase its products. A SWOT analysis is an integral part of a company’s strategic planning progress because it provides a good all around view of the company’s current and forward looking situation. The strengths and weaknesses sections provide a look at the company’s current position. A recent trip to the grocery store had me purchase a few items that was not on my list of grocery to be bought for the week. The reason these items were purchased I now realize after reading this assignment is that the way they had them placed in the store. They were new products and at eye level. The marketing technique they used worked because I had not planned on purchase these items until I seen them and they looked attractive and were placed at precisely the right place in the store.