Ass 2 knowledge test 2 evaluate marketing opportunities
Evaluate marketing oppurtnity
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.
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
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
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.
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
15 . key to success
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.
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