SWOT Analysis

“Managing the marketing function begins with a complete analysis of the company’s situation. The marketer should conduct a SWOT analysis, by which it evaluates the company’s overall strengths (S), weaknesses (W), opportunities (O), and threats (T). Strengths include internal capabilities, resources, positive situational factors that may help the company to serve its customers and achieve its objectives. Weaknesses include internal limitations and negative situational factors that may interfere with the company’s performance. Opportunities are favorable factors or trends in the external environment that the company may be able to exploit to its advantage. And threats are unfavorable external factors or trends that may present challenges to performance.”  (Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions p.55) Every business should go through this process of SWOT analysis. Elegance’s strength is that it will be made and sold in Las Vegas, Nevada. A large portion of tourists come to Las Vegas every day and many of these involve women ages 25-35.  The majority of all alcohol sold in the United States is sold in Las Vegas, Nevada. This kind of speaks for itself.

Elegance’s weakness is that it is only targeted to women preferably ages 25-35. A way to overcome this weakness is to advertise to men in order for them to buy it for their women.

An opportunity that can come from Elegance is also its weakness. Targeting women of these ages allows more women to feel like someone is looking out for them and not just the male perspective. Women drink Vodka too; why not make a drink specifically for them.

Finally, a threat to Elegance is that there are other female Vodka drinks directed towards women of these same age categories. Elegance needs to find a certain niche to fulfill whether it is in flavor or the marketing aspect in order to stand out from these other female based Vodka drinks.
"The main section of the plan presents a detailed SWOT analysis of the current marketing situation as well as potential threats and opportunities. The plan next states major objectives for the brand and outlines the specifics of a marketing strategy for achieving them." (Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions p. 55).