Chapter 3 Flashcards
Data
A collection of numbers or facts that can become information
Information
Data that is transformed to become useful for decision making
Internal Environment Analysis
- Review of current objectives, strategy and performance
- Availability of Resources
- Organizational Culture and Structure
Common Keys to Poor Performance
- Inconsistent Goals and Objectives (with customer of environment)
- Flawed strategy
- Poor implementation
- Changes in customer or external environment
Customer Environment Analysis
- Who are our customers?
- What do they do with the product?
- Where do they buy the product?
- When do they purchase the product?
- Why do they select the product?
- Why do they not select the product?
External Environment Analysis
Competition Economic Growth and Stability Political Trends Legal and Regulator Issues Technological Advancements Sociocultural Trends
Brand Competitors
Products with similar features and benefits to the same customers at similar prices
Product Competitors
Same product class but with different features, benefits and price
Generic Competitors
Very different products that solve the same problem or satisfy the same basic customer need
Total Budget Competitor
Compete for the limited financial resources of the same customer
Stages of Competitive Analysis
- Identification
- Characteristics
- Assessment
- Capabilities
- Response
Frontstage Technology
Advances that are noticeable to customers
Backstage Technology
Advances that are not noticeable to customers
Example Trends in US Sociocultural Environment
Demographic Trends
Lifestyle Trends
Value Trends
Key Corporate Affairs Activities
Corporate Communication Government Regulation Investor Relations Corporate Philanthropy Corporate Sustainability Policy Analysis
