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Internal Analysis of The Environment
The initial step in environmental scanning focusing on assessing factors within the organization.
SWOT Analysis
A strategic planning tool examining internal strengths and weaknesses, and external opportunities and threats.
Strengths
Aspects a company excels in, distinguishing it from competitors, including internal resources and tangible assets.
Weaknesses
Areas where a company lacks compared to competitors, such as resource limitations and unclear unique selling proposition.
Opportunities
Underserved markets, few competitors, emerging needs, and positive press coverage that a company can capitalize on.
Threats
Emerging competitors, changing regulations, negative press coverage, and shifting customer attitudes that pose risks to a company.
External Environment Analysis
Evaluating external forces affecting business operations, closely related to SWOT analysis.
Industry
a group of companies offering products or services that are close substitutes for each other (soft drinks, mobile phones, sportswear)
Market Segment
distinct groups of customers within a market that can be differentiated from each other based on individual attributes and specific demands.
Supply Chain
the system involved in converting a product or service from raw materials into finished goods and then transporting finished goods from the supplier to the consumer
PESTEL Analysis
Examination of Political, Economic, Social, Technological, Environmental, and Legal factors impacting the industry.
Political, Economic, Social, Technological, Legal, Environmental
what does PESTEL stand for?
PESTEL
it helps determine the steps to take in starting a business and the bases of SWOT analysis
Strategic Management
The process of formulating, implementing, and evaluating decisions to achieve organizational objectives.
Strategic Plan
a company’s game plan
The results from tough managerial choices among numerous good alternatives and signals commitment to specific markets, policies, procedures, and operations
Strategy Formulation
this includes developing the vision and mission, identifying an organization’s external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue
Strategy Implementation
this requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed
Strategy Evaluation
is the reviewing of the external and internal factors that are the bases for current strategies, measuring performance, and taking corrective actions
Decision Making
Most organizations can benefit from strategic management which is based upon integrating intuition and analysis in ____
Intuition
is particularly useful for making decisions in situations of great uncertainty or little precedent
Competitive Advantage
Anything a firm does exceptionally well compared to rivals, contributing to its success.
Strategists
the individuals who are responsible for success or failure of an organization
Vision Statement
Defines what the organization aspires to become, guiding strategic planning.
Mission Statement
Enduring statements of purpose distinguishing a business from others, identifying its scope of operations.
Objectives
Specific results an organization aims to achieve, aligned with its mission and long-term goals.
Business Objectives
a measurable result an organization is aiming to accomplish
Specific
make your goal specific and narrow for a more effective planning
Measurable
the goal and progress are measurable
Achievable
the goal should be reasonably accomplished within a certain time frame
Relevant
the goal should align with your values and long term objectives
Time-Based
are realistic and ambitious end date that clarify task prioritization and increase motivation
Strategies
Means by which long-term objectives are accomplished, guiding the organization's actions.
Annual Objectives
are short term milestones that organizations must achieve to reach a long-term objective
Policies
the means by which objectives will be achieved
Marketing Plan
The advertising strategy implemented to sell products or services, including target market, pricing, and promotion.
Communication
is a key to successful strategic management
Enhanced Communication, Improved Understanding, Greater Commitment
the benefits to a firm that does strategic pplanning
Strategic Planning
the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities
Google.com
one of the leading internet search engines
Business Portfolio
a collection of businesses and products that make up the company
Marketing Plan
the advertising strategy that a business will implement to sell its product or service
Marketing Implementation
The process of putting your marketing strategy into real-life practice to drive useful results
Market Analysis
a quantitative and qualitative assessment of a market
Marketing Control
the process of comparing actual performance of marketing department with standards
Segmentation
divides the market into distinct groups of customers
Targeting
determines which customer group focs marketing efforts on
Positioning
creates product positioning and market mix that is most likely to appeal to the selected audience
Market Segmentation
Dividing a market into distinct groups based on geographic, demographic, psychographic, or behavioral characteristics.
Geographic Segmentation
creating a group of customers based on geographic boundaries
Psychographic Segmentation
grouping target audience based on behavior, lifestyle, attitudes, and interests
Demographic Segmentation
dividing market into different variables (age, gender, income, etc.)
Behavioral Segmentation
focuses on specific reactions and the way customers go through their purchasing processes
Analyzing Marketing Opportunities
strategic planning and business portfolio analysis, help identify and evaluate marketing opportunities
Selecting Target Markets
segmentation process divides market into market segments
Target Marketing
chooses which segments are to be pursued
Market Positioning
the process of creating a distinct image for a product or service in the minds of the target market by highlighting its unique features compared to competitors.
Developing The Market Mix
the competitor analysis guides the competitive marketing strategy development
Product, Place, Price, Promotion
the 4ps
Customer Solution, Cost, Convenience, Communication
the 4cs
Marketing Analysis
provides information for planning, implementation, and control
Marketing Planning
are strategies and tactics
Marketing Implementation
turns the plans into action
Marketing Control
includes operating control and strategic control
Customer Value
The worth of a product or service to a customer, essential for building long-term relationships and repeat business.
Perceived Value
Customers' evaluation of the benefits versus costs of a product or service, influencing their purchasing decisions.
Loyalty
Deep commitment to repurchase a preferred product or service, influenced by factors like product quality and brand image.
Product Quality, Brand Image, Perceived Value, Switching Cost, Availability and Service, Customer Psychology
Brand loyalty factors:
Value Proposition
Cluster of benefits promised by a company to customers, summarizing why they should choose its products or services.
Incentive
A positive motivational influence designed to incentivize a visitor to act right away. They are not value propositions
Catchphrase
A value proposition is not a slogan or tagline; group of words combined in a special way
Positioning Statement
expression of how a given product, service, or brand fills a particular consumer need in a way that it’s competitors don’t. This is a subset of a value proposition
Customer Satisfaction
a product’s perceived performance relative to customer’s expectations
Product and Service Quality
quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy needs
Total Quality Management
an organization-wide approach to continuously improve the quality of all the organization's processes, products, and services
Average Customer
Customer Anonymity
Standard Product
Mass Production
Mass Advertising
One way message
Economies of Scale
MASS MARKETING:
Individual Customer
Customer Profile
Customized Market Offering
Customized Production
Economies of Scope
Share of Customer
One-on-One Marketing:
Application Letter
Also known as a "cover letter," a document sent with a resume when applying for a job, introducing the applicant and highlighting qualifications.
Mock Job Interview
Simulated interview experience to practice common questions, build confidence, and receive feedback on performance.