Chapter 2 - Marketting environment

Question 1

SWOT Analysis

Answer 1

The assessment of how well an organization or brand is servicing its businesses and target markets by evaluating its internal strengths and weaknesses, and its external opportunities and threats. (Strenght, Weaknesses, Opportunities And Threats)

Question 2

(SWOT) four areas that build its marketing program

Answer 2

1. identify changes and trends in the organization’s industry
2. Analyze the organization’s current and potential competitors
3. Evaluate the organization itself, including available resources
4. research the organization’s present and prospective customers

Question 3

Environmental scan

Answer 3

The process of continually acquiring information on events occurring outside an organization to identify trends, opportunities, and threats to a business.

Question 4

(Environmental scan 5 external areas) Competitive forces

Answer 4

1. Alternatives forms of competition
2. direct and indirect competitors
3. Monopoly/Oligopoly/Monopolistic competition/Perfect Competition

Question 5

(Environmental scan 5 external areas) Regulatory forces

Answer 5

1. Laws protecting competition
2. Laws affecting marketing mix actions
3. Self regulation

Question 6

(Environmental scan 5 external areas) Social Cultural Forces

Answer 6

1. demograpgic shifts
2. cultural changes

Question 7

(Environmental scan 5 external areas) Economic changes

Answer 7

1. Macroeconomic forces (GDP, inflation, recession, interest rates, unemployment rates)
2. Macroeconomic forces (Gross income, disposable income, discretionary income))

Question 8

(Environmental scan 5 external areas) Technological forces

Answer 8

1. Changing technology
2. technology impact on costumer’s value
3. technology enables data analytics

Question 9

Steps in Environmental scan

Answer 9

1. collect the facts and identify trends
2. determine the impact that this fact/trend will have on business
3. brainstorm, evaluate and implement ideas to meet business objectives