Situation or SWOT analysis

In order to manage a company’s marketing situation, the first thing that needs to be done is a SWOT analysis. According to Armstrong and Kotler, a SWOT analysis is “An overall evaluation of the company’s strengths (S), weaknesses (W), opportunities (O), and threats (T).” (Marketing: An Introduction, Armstrong and Kotler, p. 55) “Strengths include internal capabilities, resources, positive situational factors that may help the company to serve its customers and achieve its objectives.” (Marketing: An Introduction, Armstrong and Kotler. p. 55) For Elysian Vodka, one of our strengths would be our resources because the company has great connections and practices that allow us to use the best natural ingredients. Another strength would be our unique taste which comes from the type of grapes we use as well as our distillation process. “Weaknesses include internal limitations and negative situational factors that may interfere with the company’s performance.” (Marketing: An Introduction, Armstrong and Kotler, p. 55) In this company, our biggest weakness is that it is not very well-known. Although our product is of supreme quality, it is a fairly new brand that isn’t a household name quite yet. “Opportunities are favorable factors or trends in the external environment that the company may be able to exploit to its advantage” (Marketing: An Introduction, Armstrong and Kotler, p. 55) One opportunity our company has is that it is a new name so we can create a hype around our product to get people interested in it. Also, our distinguishable and strong taste as well as our drink’s mystique can be appealing to high-end bars or clubs. “Threats are unfavorable external factors or trends that may present challenges to performance.” (Marketing: An Introduction, Armstrong and Kotler, p. 55) The biggest threat for our company is the amount of competition. There are so many brands of vodka and other alcoholic drinks that it may be a challenge to stand out from the others.