02 Exploring Flashcards
1
Q
What does PEST stand for?
A
- Political Factors.
- Economic Factors.
- Social Factors.
- Technological Factors.
2
Q
What are external factors in a consumer’s immediate environment that affect MARS?
A
- Competition.
- Partners.
- Company.
3
Q
What are external factors in a consumer’s macro environment that affect MARS?
A
- Environmental
- Legal
- Political
- Technology
- Economic
- Social
- Economic
4
Q
Why is the PEST(EL) Analysis useful?
A
- Helps you to identify potential opportunities, and it gives you advanced warning of significant threats
- Reveals the direction of change within your business environment
- Helps you avoid starting initiatives that are likely to fail, for reasons beyond your control
- Helps you develop an objective view & understanding of the environment
5
Q
What does SWOT stand for?
A
- Strengths (what do you do well)
- Weaknesses (where do you need to improve)
- Opportunities (what are your goals)
- Threats (what obstacles do you face)
6
Q
What are some factors when Assessing Market Attractiveness?
A
- Category size
- Category growth
- Sales cyclicity
- Seasonality
- Profits
7
Q
What can important information web analytics can provide?
A
- Demographics of those visiting your site (e.g. age, gender,
location, browser etc.) - How are users finding your site? -> via search engine?
Referral website? - The user experience on your website -> are you
losing consumers at particular points along the way? - Measure the results of specific campaigns -> how has traffic/purchase behaviours changed after a campaign?
- A/B split testing
- Browser usage/use of mobile platforms
8
Q
What are Porter’s Five Forces?
A
- Competitive Rivalry within an Industry.
- Threat of Substitute Products.
- Threat of New Entrants.
- Bargaining Power of Customers.
- Bargaining Power of Suppliers.
9
Q
What are web analytics?
A
The measurement, collection, analysis and reporting of web data for the purpose of understanding and optimising web usage.
