UNIT 8 - IMPLEMENT RETAIL MARKETING Flashcards
1
Q
What is SWOT Analysis
A
It is a method for analyzing a business, its resources, and its environment.
2
Q
What is Retail Marketing Plan?
A
It is a business document written for the purpose of describing the current retail market position of a business and its marketing strategy for the period covered by the marketing plan.
3
Q
3 Advantages of SWOT analysis
A
- Improve Operations
- Deal with risks
- Discover opportunities
4
Q
Purpose of a Marketing Plan
A
To show what steps will be undertaken to achieve the business’ marketing objectives.
5
Q
Key benefits of a marketing plan
A
- It tells you things you did not know before
- It helps you prevent mistakes
- It helps you focus on areas you might otherwise miss
6
Q
7 Key Components to include in a marketing plan
A
- Objectives
- Customers
- Product
- Competitors
- Strategies
- Executing timeline
- Budget & Resources
