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Chapter 2
the marketing plan
| Term | Definition |
|---|---|
| SWOT analysis | an assessment that lists and analyzes the company's strengths and weaknesses. |
| what does SWOT stand for? | strengths, weaknesses, opportunities, and threats |
| what are the 3 c's that internal analysis affect? | company, customers, and competition |
| company analysis | what a company does well and what are its weaknesses |
| staff (company) considerations | over or under staffed, the mission statement and if employees are following it, the quality of the staff |
| finance (company) considerations | if the company is profitable, enough financial resources to achieve goals, sales history |
| production (company) considerations | are there new successful products, what technology is required to remain competitive |
| marketing mix (company) considerations | four p's questions (pg 32) |
| customer analysis | a great source of information - who are the customers, how much do they buy, when/where? |
| database technology | to analyze buying patterns, allows to produce interest-specific catalogs |
| surveys | to monitor customer satisfaction after making a purchase |
| competitive position | find strengths and weaknesses compared to your competitors |
| external opportunities | opportunities to create competitive advantages due to external factors |
| competition | need to know what your competitors are doing at all times, changes in their financial situation and problems can lead to opportunities |
| what does PEST analysis stand for? | political issues, economic issues, socio-cultural factors, technology |
| political issues | centered around government involvement in business operations. |
| economic factors | cannot control these factors so companies must react to them in ways that create opportunities and diminish threats. |
| socio-cultural factors | changes in customers or potential customer’s attitudes, lifestyles and opinions provide opportunities and threats |
| technology | may be a threat or an opportunity |
| recession | higher unemployment rates and lower consumer spending, a threat to nearly all companies |
| unemployment | figures may decrease and consumer confidence may increase, resulting in opportunity to grow your business |
| currency rates | changes in these rates may be seen as a threat or opportunity depending on whether it makes the companies products/services cheaper or more expensive. |
| import pricing | illegal dumping (selling imported products at a very low price) in a given market is a threat |
| trade restrictions | lowering or raising tariffs (taxes) on imported goods could be threat or opportunity depending on where a company does business. |
Created by:
jaynahiwen
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