When coming up with a new business
it is very important to recognize the companies swot analysis. This means find
out what the companies strengths, weaknesses, opportunities, and weaknesses
are. (Armstrong &
Kotler (2011) Marketing: An Introduction) Here at the company of Phileas Fogg
snack foods, we figure out this information before we move along with
production. The swot analysis is a useful technique for understanding the strengths
and weaknesses, as well as identifying both the opportunities open to you and
the threats you face as a company. (Armstrong & Kotler (2011) Marketing:
An Introduction) Knowing who you are competing against in the target market
is very useful, as well as important to know if you have a chance of selling
your product, and making a profit. If the company did not do the research it is
very like the product will be a dog, or something that no one needs this
current moment in the targeted market. (Armstrong & Kotler (2011)
Marketing: An Introduction) We here at Phileas Fogg snack foods have done
the proper research to ensure that there is a target market for Lava cake in
the bar scene. We also have a new concept of snack food for this market, where
instead of selling just an item of food, we are selling an experience with a
story to share with others around the bar. This is a perfect example of
studying the market to see what the customers want and what the customers don’t
need. We believe our new clients will be regular customers because of the
experience, as well as the taste they receive from the foods. We always want to
be their for our customers, and we are not afraid to make the next step to make
them coming back for more. This simple step will help deviate us from our
competitors.
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