Ass 2 knowledge test 2 evaluate marketing opportunities

Evaluate marketing oppurtnity

Assessment 2

1 .Swot analsis is A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. SWOT is a basic, straightforward model that assesses what an organization can and cannot do as well as its potential opportunities and threats

2. Opportunities focus on external factors that could have a positive impact on the company

Threat focus in the environment that could cause trouble for the business or project

3. A high-level model of how businesses receive raw materials as input, add value to the raw materials through various processes, and sell finished products to customers. 

4

Cost leadership

Differentiation

Cost focus

Differentiation focus

5

Cost leadership

This is the cheapest price business. this gets a competitive advantage of being the lowest in the market. Can only have 1 cost leader.

6. Market leader Strategies, are marketing strategies adopted by companies to counter competition when the motive of target of attack is success.

7. Expand the total market by

Finding new users

Creating new uses, and

Encouraging more usage

8.

Specialty strategies are important because it allows the business to use strengths to compete and gain consumers.

9. An arrangement between two companies that have decided to share resources to undertake a specific, mutually beneficial project. A strategic alliance is less involved and less permanent than a joint venture, in which two companies typically pool resources to create a separate business entity

10.

Joining with other firms can make a stronger relationship which helps compete with larger companies.

11. Implementation is defined as a specified set of activities designed to put into practice an activity or program of known dimensions. 

Identify issues

Manage changes

Manage risks

......

12

Budget for the marketing

Marketing objectives and goals

Organisational goals and values

13. geographical specialization is when you focus on a particular product or branch within your job and you do it to the best of your ability.

14. specializations for business majors including accounting, finance, management

Financial –specialization in financial is the greater the opportunity you have to maximise your profits in the short term and to grow your capital value in the long term

15 . key to success

Clarity and consistency across the organization

Executive advocacy and support to champion the value of the function in achieving the organization’s objectives.

A culture of accountability and alignment that fosters buy-in at all levels and rewards productive behaviors consistent with the desired vision.

Processes and technology that are fully leveraged

16.

Market evaluation should begin as soon as possible. The market is constantly changing and the market must be evaluated as soon as possible to understand trends.

17. Marketing audit is a systematic, critical and impartial review and appraisal of the total marketing operation: of the basic objectives and policies and the assumptions which underlie them as well as the methods, procedures, personnel and organization employed to implement the policies and achieve the objectives.

18. the business environment is constantly changing, the marketing audit should be used as a reference tool, with constant updates reflecting changes in the external environment and your own internal business experiences.

19

budget help to plan what the money we have and where it will be spent

Keeps you focused on your money goals

 Helps you organize your spending and savings

Makes you decide in advance how your money will work for you

20

Incremental Budgeting 

Zero based 

Zero sum budgeting

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