Marketing Strategy Study Guide
MKT 850 Study Guide
Chapter 5 * SWOT Analysis: * One of the most useful tools in analyzing marketing data and information * Links company’s situation analysis and development of marketing plan * Uses structured information to uncover competitive advantages and guide selection of the strategic focus of the marketing strategy. * Broken down into: * Strengths, Weaknesses, Opportunities & Threats * Productive SWOT (manager should…) : * Use a series of SWOT analyses focusing on specific product/market combinations * Search for competitors both present and future * Collaborate with other functional areas by sharing information and perspectives * Examine issues from the customers perspective by asking employees: * What do customers believe about us as a company? * Which of our weaknesses translate into a decreased ability to serve customers? * Looks for causes not characteristics considering the firms resources for each part * Separate internal and external issues using this key test: * Would this issue exist if the firm did not exist? * If yes, issue classified as external * Strengths & Weaknesses: * Exist because of resources by the firm, or due to the nature of key relationships between the firm and its customers/employees/outside organizations * May be leveraged into capabilities (strengths) or overcome (weaknesses) * Meaningful only when they assist or hinder the firm in satisfying customer needs * Opportunities & Threats: * Not potential marketing actions. Issues/situations that occur in the firm’s external environments. * Not ignored as the firm gets caught up in developing strengths and capabilities for fear of creating an efficient, but ineffective organization. * Stem from changes in the competitive, customer, economic, political/legal, technological, and
Chapter 5 * SWOT Analysis: * One of the most useful tools in analyzing marketing data and information * Links company’s situation analysis and development of marketing plan * Uses structured information to uncover competitive advantages and guide selection of the strategic focus of the marketing strategy. * Broken down into: * Strengths, Weaknesses, Opportunities & Threats * Productive SWOT (manager should…) : * Use a series of SWOT analyses focusing on specific product/market combinations * Search for competitors both present and future * Collaborate with other functional areas by sharing information and perspectives * Examine issues from the customers perspective by asking employees: * What do customers believe about us as a company? * Which of our weaknesses translate into a decreased ability to serve customers? * Looks for causes not characteristics considering the firms resources for each part * Separate internal and external issues using this key test: * Would this issue exist if the firm did not exist? * If yes, issue classified as external * Strengths & Weaknesses: * Exist because of resources by the firm, or due to the nature of key relationships between the firm and its customers/employees/outside organizations * May be leveraged into capabilities (strengths) or overcome (weaknesses) * Meaningful only when they assist or hinder the firm in satisfying customer needs * Opportunities & Threats: * Not potential marketing actions. Issues/situations that occur in the firm’s external environments. * Not ignored as the firm gets caught up in developing strengths and capabilities for fear of creating an efficient, but ineffective organization. * Stem from changes in the competitive, customer, economic, political/legal, technological, and