MARKETING STRATEGY Flashcards
it is a process that can allow an organization to focus its limited resources on the greatest opportunities to increase sales and achieve competitive advantage.
marketing strategy
it is a decision-making technique that identifies the strengths, weaknesses, opportunities, and threats of an organization or project.
SWOT analysis
refers to the distinctive capabilities, competencies, skills, or assets that provide a business, product, or service with a competitive advantage over its rivals.
strengths
internal deficiencies that place the business, products, or service at a disadvantage relative to its rivals.
weakness
elements in the environment that the business or project could exploit to its advantage
opportunities
elements in the environment that could erode the firm’s market position
threats
aims to identify opportunities and threats in the wider operating environment
PEST Analysis
refers to the political interventions with the potential to disrupt or enhance trading conditions
Political Factors
refers to the factors with the potential to affect the profitability and prices that can be charged.
economic factors
refers to factors that can affect demand for products and services
social factors
refers to innovation, technological departments that create opportunities for new products, improve production process, or new ways to transacting business.
technological factors
refers to more than one country
supernational
focus on national economy
national
limited to the local region or area
local
4 P’s of Marketing
- Product
- Price
- Place
- Promotion
