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SWOT Analysis
a framework used to evaluate a company's competitive position and to develop strategic planning
SWOT Analysis
designed to facilitate a realistic, fact-based, data driven look at the strengths and weaknesses of an organization, its initiatives, or an industry
Strengths
resources and capabilities that can be used as a basis for developing a competitive advantage
Competitive advantage
strategic advantage that one business entity has over its rival entities within its competitive industry
Weaknesses
prevent a company from accomplishing its mission and achieving its full potential
Weaknesses
deteriorate influences on organizational success and growth
Weaknesses
factors that do not meet the standards the company feels they should meet
Threat
a specific event that will cause an increase in the level of competition
Opportunity
a specific event that will cause a decrease in the level of competition
Benchmarking
process of comparing the business processes and performance metrics including cost, cycle time, productivity, or quality to another that is widely considered to be an industry standard or best practice
TOWS Matrix
is a strategic analysis tool which can help you generate, compare, and then select one or more strategies to pursue.
Consumer Behavior
buying behavior of final consumers, individuals, and households who buy goods and services for personal consumption
Consumer Market
all the individuals and households who buy or acquire goods and services for personal consumption
Consumers
vary tremendously in age, income, education level, and tastes
Consumers
buy an incredible variety of goods and services
Market Research
What consumers buy
Who buys
How they buy
When they buy
Where do they buy
Why they buy
Environmental Stimuli
inputs to the consumption process include marketing stimuli (Four Ps) as well as forces in the buyer’s environment: economic, technological, political, and cultural
Consumer Black Box
the marketer wants to understand how the stimuli from the environment are changed into responses
Consumer Black Box
buyer characteristics influence how the buyer perceives and reacts to the stimuli; the decision process itself affects the buyer’s behavior
Consumer Black Box
a metaphor that signifies that we cannot see what people are thinking
Consumer Black Box
components can only be learned through observable buyer responses
Consumer Responses
include purchasing and loyalty to the brand or outlet
Initiator
Influencer
Decider
Gatekeeper
Buyer
User
6 Roles in the Buying Process
Initiator
person who first suggests of thinks of the idea of buying a particular product or service
Influencer
person whose view or advice carry some weight in making the final decision
Decider
person who ultimately makes a buying decision or any part of it—whether to buy, what to buy, how to buy, or where to buy
Gatekeeper
person who controls access to the necessary data as a part of buying
Buyer
person who makes the actual purchase
User
person who consumes the product
Need Recognition
Search
Information Sources
Choice
Purchase
Post-Purchase
5 Stages of Decision Process
Need Recognition
results from a perceived difference between a consumer’s current state and the desired state
Search
occurs if the consumer does not have adequate information to make a purchase
Search
amount is commensurate with the level of involvement in the purchase.
Information Sources
where consumers may acquire information
Choice
uses information acquired previously
Choice
time and effort made is a function of involvement level
Purchase
the consumer will purchase the most preferred brand
Purchase
situational factors (e.g., time pressures, shopping companions, out of stock conditions, or store layout) may come between the intention and the final outcome
Post-Purchase
where consumers compare product performance against their expectations
Post-Purchase
if expectations are met or exceeded, the buyer feels satisfied
Note 
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