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15 Cards in this Set
- Front
- Back
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A business can analyze it strengths, weaknesses, opportunities, and threats in the marketplace using a process. This process prepares a company for what? |
competition or a changing marketplace |
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A business can analyze it strengths, weaknesses, opportunities, and threats in the marketplace using a process. This process provides what?
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guidance and direction for future marketing marketing strategies. |
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Internal factors (strengths and weaknesses) that affect a business' operations. The analysis center around what? |
Company, Customers and Competition |
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Company factors /strengths and weaknesses |
Company staff, financial situation, production capabilities, 4 Ps: Product, Price, Place, Promotion |
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Customers factors / strengths and weaknesses |
Study customer buying patterns using surveys or conducting interviews |
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Competition factors / strengths and weaknesses |
What market share does the company have? What advantages does the company have over its competitors? What core competencies does the company possess? |
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External - Opportunities and Threats that affect a business operations. The analysis center around what? |
Competition, Environmental Scan |
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Competition : External Opportunities and Threats |
Always look for opportunities to create competitive advantage to succeed in the marketplace. |
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Environmental Scan: External Opportunities and Threats |
to methodically examine four main areas of the marketplace. |
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The acronym PEST refers to each of the four factors evaluated in the environmental scan |
Political - laws and regulations, foreign countries Economic - Unemployment rate, inflation, retail sales figures, productivity, consumer confidence Socio-cultural - changing preferences, demographics (age, income, occupation, educational level, marital status) and psycho-graphics (attitudes, lifestyles, opinions) Technological - Computer automation and satellite technology, new products |
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Factor evaluated in the environmental scan: Political
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laws and regulations, foreign countries
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Factor evaluated in the environmental scan: Economics
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Unemployment rate, inflation, retail sales figures, productivity, consumer confidence
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Factor evaluated in the environmental scan: Socio - Cultural
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changing preferences, demographics (age, income, occupation, educational level, marital status) and psycho-graphics (attitudes, lifestyles, opinions)
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Factor evaluated in the environmental scan: Technological
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Computer automation and satellite technology, new products
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What does SWOT stand for? |
Strengths, Weaknesses, Opportunities, and Threats
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