Unit 2 - Learning aim C

Question 1

What does setting appropriate aims and objectives mean?

Answer 1

To support the development, implementation and monitoring of progress against set marketing aims and objectives, its crucial that key factors are idnetified

Question 2

What are 3 key questions to help complete strengths?

Answer 2

• What does the business do well?
• what’s the unique about business or products?
• what do others view as positives in the business?

Question 3

What key factors should be followed/identified when setting appropriate aims and objectives?

Answer 3

• what’s the specific marketing aim (SMART)
• what are the objectives supporting this aim (SMART)
• what’s the strategy to achieve this marketing aim
• how you will monitor progress and determine success of this marketing aim

Question 4

What are strengths (situational analysis)?

Answer 4

Seen as internal factors which is linked to the business’ assets, resources, processes and people
All about what the business is doing well and any advantages it has over its competitors

Question 5

What are weaknesses (situational analysis)?

Answer 5

Seen as internal factor which is linked to the business’ assets, resources, processes and people
Weaknesses are all about what the business could improve and what is doing to a lower standard or less effectively than its competitors

Question 6

What are 3 key questions to help complete weaknesses?

Answer 6

• what does the business need to improve?
• what limitations does the business have?
• what do others view as negative in your business?

Question 7

What are opportunities (situational analysis)?

Answer 7

-seen as external factors which is linked to the market, competition and wider economy
- opportunities usually develop outside of business so its crucial business is consistently analyzing the external environment to support them to identify and exploit any feasible opportunities

Question 8

What are 3 key questions to help complete opportunities?

Answer 8

• what opportunities does the business have?
• what trends could the business take advantage of?
• can the strengths of the business be improved further

Question 9

What are threats (situational analysis)?

Answer 9

• seen as external factor which is linked to the market, competition and wider economy
• includes any external factors which can have a negative impact on business

Question 9

What are 3 key questions to help complete threats?

Answer 9

• what threats could negatively impact the business?
• which of the business’ weaknesses increase the likelihood of threats impacting the business negatively?
• what’s the competition doing which threatens them?