Application of SWOT and Sustainable Marketing and Marketing Ethics

SWOT analysis helps marketers focus on key issues, both within and outside the business organization. These issues are classified under four main categories represented in the mnemonic. Strengths and weaknesses are usually internal factors while external factors fall under either opportunities or threats. Strengths and opportunities are positive factors while weaknesses and threats are negative ones (David et al. 2017, p. 2). One common thing among all these four is that they give an organization competitive advantage only if the relevant employees and the management are aware about their existence. SWOT analysis makes a marketing department more aware about their environment. This awareness aids in value addition as a weaknesses are tuned into strengths while threats become opportunities. By utilizing the SWOT analysis tool, marketers are able to reach and recruit new clients, retain existing loyal customers and gain the ability to extend products and services to various market segments in the long-term.

ii. Critical reflection on my use of this marketing tool in component A

Application of this tool does not necessitate a complicated strategy. In most organizations, the marketing departments have the ability access existing data on the organization or collect new data by themselves. The analysis of both the internal and external factors should give the department the ability to predict and distinguish between the position of the organization at the time of research and the future. SWOT analyses should be conducted with the ultimate aim of gaining competitive advantage and enhancing value for customers. Therefore, the tool should be applied in relation to existing competition. These audits should be kept as brief and precise as possible. However, they are subjective and this is likely to result in delays in the decision-making process due to differing perspectives. My aim is to keep the analysis process as brief as possible and avoid the issues that result from the subjective nature of the tool.

Marketing tool 2.  The second marketing tool I have chosen is: Sustainable marketing and marketing ethics

i. Critical evaluation of the marketing tool using academic sources

Sustainable marketing entails selling, distributing and promoting goods and services in a manner that seeks to increase customers’ knowledge on the advantages of valuing natural, human and economic capital. Marketing ethics seek to enhance satisfaction of the needs of the customer while making honest claims about the goods and services at disposal. This strategy involves a thorough analysis of consumerism and environmentalism and how they are likely to affect the entity’s marketing endeavours. Consumerism entails promotion and protection of the interests of consumers (Zhu and Sarkis 2015, p 3). Organizations that do not offer goods and services that match the value of consumers’ money are likely to gain a bad reputation that will affect its competitive advantage in the long-run. A business organization has a responsibility to protect the environment from pollution and any bad impacts (Zhu and Sarkis 2015, p 2). The marketing department should show the society that it is aware of environmental impact of the entity’s operations and products (if any), and is working towards alleviating their effect on the ecosystem. This creates a good reputation of the entity and gives it a competitive advantage.

ii. Critical reflection on my use of this marketing tool in component A

Reputation is key for any business entity. A business should appeal to the society in order to have a successful marketing experience. Sustainable marketing will ensure that a business continues to appeal to the clientele for a long time. The best way to effectively apply this marketing tool is to carry out extensive research in order to understand value systems and preferences of the members of targeted societies. I will ensure that the marketing team is in constant contact with the society in order to understand whether our operations meet their expectations.

References

David, M.E., David, F.R. and David, F.R., 2017. The quantitative strategic planning matrix: a new marketing tool. Journal of Strategic Marketing, 25(4), pp. 342-352.

Zhu, Q. and Sarkis, J., 2015. Green Marketing and Consumerism in China: Analyzing the Literature. Foisie School of Business, pp. 1-44.