SWOT Analysis
For successful formulation and implementation of a company’s marketing strategies for its products, the analysis of both internal and external product and company environment is arguably crucial. In this case, it is imperative for the company to apply SWOT analysis tool. SWOT analysis primarily entails the analysis of the company or product’s strengths, weaknesses, opportunities and threats. Pahl and Richter (2009) identify SWOT analysis as a vital tool for effective decision making and in the understanding of the autonomies between an organization, or product, and its internal and external environment. Table 1, below, provides a summary of the product (Ruffle Front Tube Tops) that Muffin Tops Limited Company wishes to lunch based on the analysis of the needs of the company’s target market.
Competitive Review
The product primarily consists of four key identifiable competing products. These include
Bow front tube top, Delia’s bow front tube top, Seamless clinched front tube top and Knotted front tube top. Compared to Ruffle Front Tube Tops, most competing products have relatively sound market shares. In the target market, Ruffle Front Tube Tops has the lowest market share of less than 5%. In general, the degree the market share among the four of the product’s competitors decline from Knotted front tube top, Delia’s bow front tube top, Seamless clinched front tube top, and Bow front tube top with an approximated market share of 25%, 20%, 16% and 11% respectively.
Besides having distinct market shares, the rival products are coupled with different marketing strategies. Ideally, each of the above products has been priced differently in an attempt to meet their diverse marketing objectives. For instance, Bow front tube top has generally been priced lower at $13.98 compared to Ruffle Front Tube Tops with a standard price of about $22.90. However, some rivals products such as Knotted front tube top has been priced as higher as $ 129 for specific designs.
Product Review
Owing to the above SWOT analysis and competitive product review three essential features and benefits attributable to the product has been identified. The first product feature can be associated with its fair pricing. This feature not only makes the product competitive but also affordable to consumers. Second, Ruffle Front Tube Top is available in various designs and colors. This makes it easier for consumers to select a product, from many, which is likely to meet their needs, tests and preferences. Finally, with the discovery of new and utilization of manufacturing and processing technology within Muffin Tops Limited Company’s production business units, it can be argued that most Ruffle Front Tube Top’s designs are of high quality. This feature is vital in increasing the adoption rate of the product in the company’s target market (Shimp, 2010).
References
Pahl, N., & Richter, A. (2009). SWOT Analysis - Idea, Methodology And A Practical Approach. München: GRIN Verlag GmbH.
Shimp, T. A. (2010). Advertising, promotion, and other aspects of integrated marketing communications. Mason, Ohio: South-Western Cengage Learning.
