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STRATEGIC MARKETING MANAGEMENT > EXTERNAL ENVIRONMENT AND SITUATION ANALYSIS > Flashcards

EXTERNAL ENVIRONMENT AND SITUATION ANALYSIS Flashcards

Group 1 and Group 2

1
Q

Refers to the outside influences and factors that affect business operations.

A

EXTERNAL ENVIRONMENT

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2
Q

The business environment factors include

A

Competitive, Political, Technological, and Economic factors

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3
Q

The factors affect a business owner’s decision and have particular characteristics.

A

EXTERNAL ENVIRONMENT

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4
Q

is a process through which you gain a detailed understanding of the precise wants and needs of your current and/or prospective customers

A

CUSTOMER NEED ANALYSIS

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5
Q

How to Conduct a Customer Needs Assessment?

A

Define your target market
Identify your customer segments
Conduct primary research
Conduct secondary research
Analyze your findings
Develop Recommendations
Implement your recommendation

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6
Q

INDUSTRY ANALYSIS
PORTER’S 5 FORCES MODEL

A

Threat of new entry
Threat of substitutes
Bargaining power of buyer
Bargaining power of suppliers
Competitive rivalry

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7
Q

SIMPLIFIED LAWS OF STRATEGIC MARKETING

A

Law of natural monopoly
Double jeopardy
Retention double jeopardy
Duplication of purchase
Regression to the mean in sales
Heterogeneity of the target
I love my mum and you love your mun
Prototypicality

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8
Q

LAW OF NATURAL MONOPOLY

A

Big brands attract the majority of Light Buyers due to their brand recognition and trust.

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9
Q

DOUBLE JEOPARDY

A

refers to the phenomenon where smaller brands suffer twice: having fewer buyers and lack of customer loyalty

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10
Q

RETENTION DOUBLE JEOPARDY

A

An idea that smaller enterprises often face greater challenges in customer retention compared to larger ones.

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11
Q

DUPLICATION OF PURCHASE

A

This is when a customer buys from multiple brands in the same category.

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12
Q

REGRESSION TO THE MEAN IN SALES

A

This concept means that if a customer spends a lot once, their future spending will likely be lower and more average.

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13
Q

HETEROGENEITY OF THE TARGET

A

This concept highlights that customers are diverse and their behaviors, tastes, and preferences vary widely.

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14
Q

I LOVE MY MUM AND YOU LOVE YOUR MUM

A

This law suggests that consumer preference for a brand develops after using it

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15
Q

PROTOTYPICALITY

A

A brand’s ability to be the “perfect example” of its market category.

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16
Q

Defines an organization ‘ s core purpose and key objectives, serving as a guide for its actions and aligning all stakeholders toward a common direction.

A

MISSION

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17
Q

A mission is a vital part of an organization that demonstrates its basic identity and guiding values.

A

MISSION

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18
Q

It is a clear and concise statement that explains why an organization does what it does.

A

MISSION

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19
Q

This statement often encompasses the purpose of the company and why it exists, as well as its key objectives or the goals it seeks to achieve.

A

MISSION

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20
Q

A company ‘ s vision is like a map that shows them the way to success.

A

VISION

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21
Q

It defines desired outcome and its ideal future, ensuring every action aligns with the company ‘ s long-term aspirations

A

VISION

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22
Q

PUP VISION

A

A LEADING COMPREHENSIVE POLYTECHNIC UNIVERSITY IN ASIA

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23
Q

PUP MISSION

A

ADVANCE AN INCLUSIVE, EQUITABLE, AND GLOBALLY RELEVANT POLYTECHNIC EDUCATION TOWARDS NATIONAL DEVELOPMENT

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24
Q

PUP 3 PILLARS

A

TEACHING AND LEARNING
RESEARCH AND EXTENSION
INTERNAL GOVERNANCE

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25
Q

PUP CORE VALUES

A

I - INTEGRITY AND ACCOUNTABILITY
N - NATIONALISM
S - SENSE OF SERVICE
P - PASSION FOR LEARNING AND INNOVATION
I - INCLUSIVITY
R - RESPECT FOR HUMAN RIGHTS AND THE ENVIRONMENT
E - EXCELLENCE
D - DEMOCRACY

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26
Q

is a company ‘ s commitment to operating in an ethical and sustainable manner, taking responsibility for its impact on society and the environment

A

CORPORATE SOCIAL RESPONSIBILITY

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27
Q

is no longer just a “bonus” for businesses; it’s become a key part of evaluating your company’s overall situation.

A

CORPORATE SOCIAL RESPONSIBILITY

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28
Q

KEY AREAS:

A

Environment Responsibility - This is about taking care of the planet

Social Responsibility - This is about treating people fairly and ethically

Governance Responsibility - This is about being transparent, accountable, and ethical in your business practices.

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29
Q

INTEGRATING CSR INTO SITUATION ASSESSMENT: INTERNAL ANALYSIS

A

VALUES AND MISSION
OPERATIONS AND PROCESSES
EMPLYOYEE ENGAGEMENT

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30
Q

This means checking if the things your company does to help the environment or society (your CSR initiatives) actually match what your company says it believes in (its values) and what it wants to achieve (its mission).

A

Values and Mission

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31
Q

This is looking at how your company works day-to-day and figuring out if those operations have any negative effects on the environment or society.

A

Operations and Processes

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32
Q

This part is about understanding if your employees are happy and involved in your company’s CSR efforts.

A

Employee Engagement

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33
Q

Benefits of Integrating CSR into Situation Assessment

A

Enhanced Reputation and Brand Value
Improved Stakeholder Relations
Increased Employee Morale and Retention
Reduced Risks and Costs
Competitive Advantage
Long-Term Sustainability

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34
Q

is a framework used to evaluate a company ‘ s competitive position and to develop strategic planning.

A

SWOT ANALYSIS

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35
Q

refers to the way a company arranges its workforce to achieve its goals.

A

Organizational Structure

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36
Q

It dictates how tasks are divided, coordinated, and supervised

A

Organizational Structure

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37
Q

Key Types of Organizational Structure

A

Hierarchical
Flat
Matrix
Divisional

38
Q

Traditional model with clear levels of authority.

A

Hierarchical

39
Q

Fewer levels of management, promoting open communication.

A

Flat

40
Q

Combines functional and project-based structures, facilitating flexibility.

A

Matrix

41
Q

Organized by product lines or geographic areas.

A

Divisional

42
Q

encompasses the values, beliefs, and behaviors that shape how employees interact and work together.

A

Organizational Culture

43
Q

Key Components of Organanizational Culture

A

Values
Norms
Symbols
Rituals

44
Q

Core principles that guide employee behavior and decision-making.

A

Values

45
Q

Unwritten rules that govern daily operations and expectations within the workplace.

A

Norms

46
Q

Logos, branding, and office design that reflect the company’s culture.

A

Symbols

47
Q

Regular practices that reinforce organizational values and foster team cohesion.

A

Rituals

48
Q

ASSESSING PAST PERFORMANCE AND CURRENT STRATEGIES

A

Financial Performance
Market and customer insights
Operational Efficiency
Marketing and sales strategies
Current strategic move

49
Q

serves as the foundation for assessing the overall success of a business.

A

Financial Performance

50
Q

This section focuses on how well the company is positioned in the market and how it manages its customer relationships

A

Market and customer insights

51
Q

Operational efficiency is the backbone of profitability.

A

Operational efficiency

52
Q

play a crucial role in attracting new customers and retaining existing ones.

A

Marketing and sales strategy

53
Q

This section evaluates ongoing initiatives, including expansion, partnerships, and product diversification.

A

Current strategic moves

54
Q

is the difference between how well an organization is doing now and how well it wants to do in the future. It shows where improvements are needed to reach its goals. You can think of it as the space between where you are and where you want to be.

A

Strategic gap

55
Q

TWO TYPES OF STRATEGIC GAPS

A

Performance gap
Opportunity gap

56
Q

This gap happens when an organization isn’t performing as well as it wants to.

A

Performance gap

57
Q

This gap occurs when an organization misses out on market opportunities, resulting in a difference between its current performance and what it could achieve.

A

Opportunity gap

58
Q

happen when there’s a difference between what is needed to reach a goal and what is actually available

A

PLANNING GAPS

59
Q

Types of Planning Gaps

A

Resources
Time
Capacity
Process
Communication

60
Q

This happens when a company doesn’t have enough resources, like money, staff, or tools, to get the job done

A

Resource gap

61
Q

This occurs when there isn’t enough time to finish tasks, or the deadlines are too tight.

A

Time gap

62
Q

This happens when a company thinks it can handle more than it actually can or isn’t ready for unexpected problems.

A

Capacity gap

63
Q

This occurs when procedures are inefficient or unclear.

A

Process gap

64
Q

This happens when communication among team members or departments is poor, leading to confusion and delays.

A

Communication gap

65
Q

BLANK, whether corporate or marketing, are the expected outcomes of the strategy. These are the company’s long-term goals that define its future direction, while BLANK are specific milestones set to achieve these objectives.

A

Objectives, Targets

66
Q

There are many different types of objectives with which an organization should be concerned according Drucker 1954

A

MARKET STANDING
INNOVATION
PRODUCTIVITY
PHYSICAL AND FINANCIAL RESOURCES
PROFITABILITY
MANAGER PERFORMANCE AND DEVELOPMENT
EMPLOYEE PERFORMANCE AND ATTITUDE
PUBLIC RESPONSIBILITY

67
Q

This refers to the company’s position in the market compared to competitors. F

A

Market standing

68
Q

Companies should set objectives to continuously innovate,

A

Innovation

69
Q

This focuses on improving efficiency and output.

A

Productivity

70
Q

Objectives in this area deal with managing and optimizing resources.

A

Physical and financial resources

71
Q

Profit-related objectives are crucial for long-term sustainability.

A

Profitability

72
Q

Organizations should set objectives for training and improving their managers.

A

Manager performance and development

73
Q

Ensuring employees perform well and have a positive attitude is key.

A

Employee performance and attitude

74
Q

Companies should have objectives related to their responsibility toward society.

A

Public responsibility

75
Q

TYPES OF OBJECTIVES

A

STRATEGIC AND OPERATIONAL OBJECTIVES

76
Q

are long-term goals that set the overall direction for the company.

A

Strategic objectives

77
Q

are short term, specific actions that support these larger goals

A

Operational objectives

78
Q

When setting targets, we use the SMART framework to make sure they are
effective.

A

SPECIFIC
MEASURABLE
ACHIEVABLE
RELEVANT
TIME BOUND

79
Q

The target must be clear and focused.

A

SPECIFIC

80
Q

It’s important to measure progress, so we need targets that include quantifiable metrics.

A

MEASURABLE

81
Q

Targets should be realistic based on the company’s resources.

A

ACHIEVABLE

82
Q

The target must align with the company’s overall strategy.

A

RELEVANT

83
Q

Every target should have a deadline.

A

TIME BOUND

84
Q

ALIGNING PRELIMINARY OBJECTIVES WITH THE COMPANY’S LONG TERM STRATEGY

A

Stepping stones to success
Ongoing refinement
Adaptability

85
Q

is an in-depth evaluation of the internal and external factors that influence a company’s ability to reach its marketing objectives.

A

A situation assessment

86
Q

It helps companies gain a clear understanding of their strengths, weaknesses, market opportunities, and threats.

A

A situation assessment

87
Q

STEPS FOR CONDUCTING SITUATION ASSESSMENT

A

Define the Goal of the Assessment
Conduct an Internal Analysis (Strengths and Weaknesses)
Conduct an External Analysis
Competitive Analysis
Customer Analysis
Identify Opportunities and Threats
Analyze the Findings and Make Strategic Decisions

88
Q

A useful situational analysis should:

A

Be easy to understand by someone outside of the company
Focus on the key factors—both internally and externally—that impact your business
Articulate business goals for the future
Initiate even further analysis

89
Q

ADVANTAGES OF SITUATION ANALYSIS

A
  1. Informed Decision-Making
  2. Identifies Opportunities and Threats
  3. Enhances Strategic Planning
  4. Improves Resource Allocation
90
Q

DISADVANTAGES

A

1.Time Consuming
2.Resource Intensive
3.Overemphasis on Analysis
4.Data Overload

STRATEGIC MARKETING MANAGEMENT (3 decks)

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