A part of marketing planning is to use SWOT analysis. This allows a company to look at their strengths, weaknesses, opportunities, and threats. By doing this, it creates a clear view of what is working for a company and/or the products the company produces and what is threatening them from emerging in a market. Marketers can use SWOT analysis to help redefine a product that is drowning in a market or how to emerge a brand new product into a market. If they can determine what the strengths of the product is, they can then use their marketing to make those strengths known and make consumers identify that product with those strengths. If there are weaknesses to an existing product, managers can figure out these weaknesses are and how they change chance of this product so it will strive in its market. They can use the help of marketers to eliminate any threats through positive product placement and re-identifying a product.
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