Before marketing a product to market, it helps if you know the strengths, shortcomings, opportunities, and threats that affect the marketing of your product. Because without that information, you can not know how big the market potential exists, interest will market your product, what are the market opportunities that can be used to market products, and high levels of competition in the market today. Therefore, the analysis of the product is very important to do before you offer the product.
One way that can be used to analyze the products of a SWOT analysis method. This method is analyzed by using two important factors, namely the internal factors of strengths and weaknesses. As well as external factors consisting of opportunities and threats. This method became one of the keys for the employers to recognize the potential of their products, before they finally determine the most effective marketing strategy for its products.
Some of the SWOT factors that can be used to analyze a product include:
Forces that support the marketing of products include the company’s ability to produce a quality product, look attractive product packaging, competitive rates, as well as the inclusion of the brand on the product. Besides support from the team and management, and support technology to manufacture products, it also becomes your power to create a quality product and be able to compete.
Besides power, other internal factors made in the SWOT analysis is to find weaknesses that owned the product. For example, such as the resilience of expired products, promotional activities are not optimal, the process of production and distribution of products is quite long, the ability of human resources is still lacking, or the lack of public interest for such products.
Opportunities that could be used to improve the marketing of products namely, the mass media that can be used as advertising media, government policies to develop SMEs by organizing various events for small to medium sized businesses, as well as the conditions of an increasingly consumerist society. Making it easier for businesses to market their products.
The fourth is a threat from outsiders. As an increasing number of competitors, the emergence of a new product that is superior, rising raw material prices due to the limited amount, as well as several other threats.
By knowing the results of an analysis of strengths, weaknesses, opportunities and threats on the product that you created, then you can determine what the most appropriate strategy to improve the marketing of products. Hopefully this information “SWOT key to the success of your product” can benefit us all.