Chapter 5 notes

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jroji
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77050
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Chapter 5 notes
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2011-04-03 17:23:04
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marketing chapter 5
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  1. Major Benefits of SWOT Analysi]] `
    • 1. Simplicity
    • 2. Lower costs
    • 3. Flexibility
    • 4. Integration and synthesis
    • 5. Collaboration
  2. Directives for a productive SWOT analysis
    • 1. Stay focused
    • 2. Search extensively for competitors
    • 3. Collaborate with other functional areas
    • 4. Examine issues from the customer�s perspective
    • 5. Look for causes not characteristics
    • 6. Separate Internal Issues from External Issues
  3. Common criticism against SWOT
    • 1. Becomes a sterile academic exercise of classifying data and information
    • 2. Allows firms to create lists without serious consideration of the issues.
  4. Internal segments of SWOT
    • 1. Strengths
    • 2. Weaknesses
  5. External segments of SWOT
    • 1. Opportunities
    • 2. Threats
  6. Questions that should be asked in order to identify the most critical issues affecting a company
    • 1. What do customers (and noncustomers) believe about us as a company
    • 2. What do customers (and noncustomers) think of our product quality, customer service, price and overall value, convenience, and promotional messages in comparison to our competitors?
    • 3. Which of our weaknesses translate into a decreased ability to serve customers (and decreased ability to convert noncustomers)?
    • 4. How do trends in the external environment affect customers (and noncustomers)?
    • 5. What is the relative importance of these issues, not as we see them but as customers see them?
  7. Types of Resources
    • 1. Financial
    • 2. Intellectual
    • 3. Legal
    • 4. Human
    • 5. Organizational
    • 6. Informational
    • 7. Relational
    • 8. Reputational
  8. Four issues to be aware of when applying a SWOT test successfully
    • 1. Assessment of strengths and weaknesses must look beyond the firm�s resources and product offerings to examine processes that are key to meeting customers� needs. This often entails offering �solutions� to customer�s problems rather than specific products.
    • 2. Achievement of the firm�s goals and objectives depends on its ability to create capabilities by matching its strengths with market opportunities
    • 3. Firms can often convert weaknesses into strengths or even capabilities by investing strategically in key areas.
    • 4. Weaknesses that cannot be converted into strengths become the firms limitations
  9. What two elements of the SWOT Matrix should be matched?
    Strengths and opportunities
  10. What elements of the SWOT Matrix should be converted to another?
    • Weaknesses to strengths
    • Threats to opportunities
  11. What two elements of the SWOT Matrix should be minimized and avoided?
    Weakness and threats
  12. Quantitative Assessment of the SWOT Matrix
    • I=Importance of the element (1 low to 3 high) (critical to business model)
    • M= Magnitude of the element (1 low to 3 high) (potential impact)
    • R= total Rating of the element
    • Rating either 1 to 3 or -1 to -3
    • MXI=R
  13. Three basic strategies for developing capabilities and competitive advantages
    • 1. Operational excellence
    • 2. Product leadership
    • 3. Customer intimacy
  14. Four general directions for its strategic efforts
    • 1. Aggressive ( many internal strengths/many external opportunities)
    • 2. Diversification (many internal strengths/many external threats)
    • 3. Turnaround (many internal weaknesses/many external opportunities)
    • 4. Defensive (many internal weaknesses/many external threats)
  15. 7 key factors of 3M
    • 1. Commitment to innovation
    • 2. Active maintenance of the corporate culture
    • 3. Broad base of underlying technology
    • 4. Active networking
    • 5. Reward employees for outstanding work
    • 6. Measure results
    • 7. Listen to the customer
  16. Characteristics of a Marketing Goal
    • 1. Attainability
    • 2. Consistency
    • 3. Comprehensiveness
    • 4. Intangibility
  17. Specific characteristics of a marketing objective
    • 1. Attainability
    • 2. Continuity
    • 3. Time frame
    • 4. Assignment or responsibility

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