Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
22 Cards in this Set
- Front
- Back
|
SWOT Analysis |
Summarizes a firm's strengths, weaknesses, opportunities, and threats |
|
|
Situational Analysis |
Used to summarize all the important aspects of a firm's internal and external environment |
|
|
Internal Analysis |
Involves an assessment of a firm's resources and capabilities to identify its strengths and weaknesses |
|
|
Strengths |
The areas that can be used as a source of competitive advantage |
|
|
Weaknesses |
The areas in which the organization is deficient and are sources of competitive disadvantage |
|
|
Market Sensing |
Entails all the activities needed to understand customers' needs and competitor behaviour |
|
|
Customer Relating |
Involves creating relationships with valuable customers |
|
|
External Analysis |
Involves scanning the external environment to identify relevant trends and forces |
|
|
General Environment |
Consists of all broad external factors that have an indirect impact on the organization |
|
|
Demographics |
Involve the study of trends in population characteristics |
|
|
Task Environment |
Consists of forces that are closest to the organization and have a direct and immediate impact on it |
|
|
Market Demand |
Defined as the number of units people want to purchase over a period of time under certain conditions |
|
|
Opportunities |
Favourable trends, forces, of changes in the external environment that have the potential to help the firm improve its competitive position if appropriate action is taken |
|
|
Threats |
Unfavourable trends, changes, or forces that can threaten the firm's competitive position or cause problems if no appropriate action is taken. |
|
|
Strategic Fit |
Reflects how well the firm's competencies match the predicted external environment |
|
|
Marketing Objectives |
Specific desired outcome to be achieved within a certain period of time |
|
|
External Information Systems |
Are formal approaches that provide management with the required environmental information |
|
|
Competitive Intelligence |
The process by which organizations gather actionable information on competition and the business environment and apply it to their decision-making and planning processes |
|
|
Industrial Espionage |
Involves illegal activities such as gaining unauthorized entry into competitors' premises, theft of trade secrets, bribery, coercion, and electronic eavesdropping. |
|
|
Offensive Competitive Intelligence Needs |
Refers to the need to evaluate the impact of a company move on the industry and its competitors |
|
|
Defensive Competitive Intelligence Needs |
Refers to information required to evaluate actions intended to minimize the impact of competitive attack |
|
|
Informational Competitive Intelligence Needs |
Refers to information required to help a company better understand its competitive and industry environment, as well as future industry needs |
