Marketing concepts and tools are urgent to meet organizational goals by identifying the needs and needs of the target market and providing more effective and effective satisfaction in the competition. Includes tools for SWOT and Product Life Cycles.
SWOT analysis is a simple model for analyzing strengths, weaknesses, opportunities and threats that form the basis of a marketing strategy. By doing this, consider what you can and cannot do in the organization, and the potential benefits or benefits associated with your organization’s products or services.
As noted above, the SWOT analysis process to provide aggressive, insight into potential and critical issues that affect the overall success of the business. The main goal of the SWOT analysis is to identify and define all the key factors that can have a positive or negative impact on one of the four categories to provide an objective and in-depth understanding of the business (Colgate, n.d.). For example, Starbucks Coffee uses SWOT analysis to provide important internal and external factors for the enterprise. Starbucks has become a solid global brand, but all of these factors are commercial threats. Organizations must and therefore, innovate ways to overcome these threats. According to SWOT analysis, Starbucks is very powerful but faces tremendous threats in many markets around the world. The internal factor of strength for Starbucks has a very populated in the world where the market share is mostly in the US and has been operating in more than 60 countries (Geereddy, n.d.). Besides that, Starbucks focus on the highest quality of the product and avoid quality uniformity in higher production. Furthermore, Starbucks is known as a knowledge worker. They are a major asset of the company and offer many benefits such as stock options, retirement accounts and healthy culture. This effective human resource management provides excellent customer service. It earned 91 points in Fortune magazine’s “100 Best Workplace”(CNNMoney, 2013). Meanwhile, an internal factor of weaknesses for Starbucks, their high price is the power, it is also a weakness. The high price of some products (even the most basic coffee choices) will prevent many customers who can make Starbucks part of their daily lives. While good quality and moral value are interesting, people do not have money to spend money with a cup of coffee (Lombardo, 2017). Starbucks can be identified with frappuccinos, pumpkin spices, and large chocolate biscuits, but there is no unique market. Many coffee shops, chain stores and other stores offer similar products that can only be lost to Starbucks celebrities (Bush, 2016). On top of that, an opportunity for Starbucks where it expands throughout the world. Starbucks has many cafés all over the world, but most are located in the United States. There are many areas where you can achieve profitable expansion, including India, Central Europe and parts of Africa (Statista, 2017). Recently Starbucks has begun expanding their product by creating tea and fresh juice product through a smart takeover strategy (Geereddy, n.d.).