Marketing Chap.2

SWOT analysis
strengths, weaknesses, opportunities, threats
Internal
strengths and weaknesses
External analysis
opportunities create advantages and threats to our business. done by analyzing competition or conducting PEST scan
Internal analysis
centers around the 3 C’s
3 C’s
company, customers, competition
Company analysis
company’s strengths and weaknesses. review staff, financial situation, production and marketing mix.
Customer analysis
study buying habits, how the customers rate the company on quality, service, and value, and their satisfaction. what, when, where, and how much they buy.
Competitive position
strenghs and weaknesses compared to its competitiors. advantages and losing business of competitors.
Competition
need to know what competitors are doing at all times. competitors changes in finacial situation and problems create opportunities.
Enviromental PEST scan
analysis of outside influences that may have an impact on an orginazation.
PEST
political, economic, socio-culture, technological
Political
aware of changes in laws & regulations even for global companys
Economic
state of the economy important to all businesses such as unemployment rate, inflation, value of dollar, and consumer confidence.
Socio-cultural
analyzes changes in customers and potential customers such as attitudes, lifestyles, opions, age, income, occupation, and education level.
Technological
changing technology can be a threat for one company but an advantage for another.
Marketing plan
written plan that outlines goals, objectives, and strategies for a specific peroid of time. includes responsabilities, timelines and budget.