Question: Assuming the integrated approach is accepted, first Smithfield must analyze their current standing; using a SWOT analysis, IFE matrix, and analyzing current and possible competitors.
Assuming the integrated approach is accepted, first Smithfield must analyze their current standing; using a SWOT analysis, IFE matrix, and analyzing current and possible competitors. An IFE matrix looks specifically at the internal strengths and weaknesses of the firm and gives weight and ratings to them, IFE Matrix, para. 3). Smithfield has the capacity to create a new line but are there other weaknesses that hold a heavy weight that should be addressed? Next, creating a plan on how to produce the new product line and market it correctly should be done. A current customer analysis and a customer analysis for the new line should be done. Once completed, targeting the right audiences for each line and advertising correctly can begin. Then, the new line can be produced. Finally, constant evaluation should be conducted to ensure that this new line is reaching the right consumers, being produced right, and is overall profitable to Smithfield. When planning and evaluating multiple forms of internal and external data should be looked at, financial information, economic and industry trends, and customer surveys should be done, (Taylor, 2022, para. 7). Smithfield can have a much wider hold on the market and become even bigger than they are by using an integrated strategy
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