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Developing and Implementing Marketing Strategy.pdf

  1. Developing and Implementing Marketing Strategy
  2. A business does not operate in isolation. It is always subjected to the positive and negative effects of the environmental factors where it is operating. Thus, it needs to examine its changing environment and plan courses of action to take or strategies to pursue in the period to come. 2
  3. Planning Phase of the Strategic Marketing Process ◎ Situation (SWOT) Analysis ◎ Market-product focus and goal setting ◎ Marketing Program 3
  4. In the planning phase, the internal strength and weaknesses, external competition, technological innovations, changes in the industry culture, and the general state of the company are identified. . Business Portfolio- collection of businesses that the company owns 4
  5. 5 Situation (SWOT) Analysis
  6. is used to identify a company’s strength, weaknesses, opportunities, and threats. The primary objective of the process is to help organizations develop a full awareness of all the factors, positive and negative, that may affect strategic planning and decision-making. SWOT Analysis 6
  7. is an excellent tool for organizing information, presenting solutions, identifying roadbloacks, and emphasizing opportunities. The main purpose of the SWOT Analysis is to add value to a company’s product and services so that new customers can be recruited, loyal customer can be retained, and product and services can be extended to customer segments over the long term. SWOT Analysis 7
  8. ✓ Exploring avenues of new plans ✓ Determining possibilities of introducing new products or entering new market ✓ Identifying possible areas of change ✓ Making decisions about the direction of the company’s plans ✓ Adjusting plans when opportunities come up ✓ Communicating information gathered from studies or surveys SWOT Analysis can be used in the following circumstances: 8
  9. A picture is worth a thousand words A complex idea can be conveyed with just a single still image, namely making it possible to absorb large amounts of data quickly. 9
  10. Strengths Strengths are the strong areas or attribute of the company, which are used to overcome weakness and capitalize to take advantage of the external opportunities available in the industry. It includes internal capabilities, resources, and all positive situational factors. 10
  11. Strengths For this quadrant, think about your and your business's attributes that will help you achieve your objective. Questions to consider: What do you do well? What are your unique skills? What expert or specialized knowledge do you have? What experience do you have? What do you do better than your competitors? Where are you most profitable in your business? 11
  12. Weakness Weakness are painful point for the company. It means the weak factors which needs to be improved in future otherwise if they exposed to the competitors they can take the advantage of it. It include internal limitations and negative situational factors that may interfere with the company’s performance. 12
  13. Weakness For this quadrant, think about the your and your business's attributes that could hurt your progress in achieving your objective. Questions to consider: In what areas do you need to improve? What resources do you lack? What parts of your business are not profitable? Where do you need further education and/or experience? What costs you time and/or money? 13
  14. Opportunities Opportunities are the chances exist in the external environment, it depends whether the firm is willing to exploit the opportunities or they may ignore the opportunities due to lack of resources. 14
  15. Opportunities For this quadrant, think about the external conditions that will help you achieve your objective. Questions to consider: What are the business goals you are currently working towards? How can you do more with your existing customers or clients? How can you use technology to enhance your business? Are there new target audiences you have the potential to reach? Are there related products and services that provide an opportunity for your business? 15
  16. Threats Threats are unfavorable external factors or trends that may present challenges to the performance of the firm. 16
  17. Threats For this quadrant, think about the external conditions that could damage your business's performance. Questions to consider: What obstacles do you face? What are the strengths of your biggest competitors? What are your competitors doing that you're not? What's going on in the economy? What's going on in the industry? 17
  18. Example SWOT Analysis of Wal-Mart 18 Strengths · Customer oriented · SAM’S Club customers able to buy in bulk · Super centers offer one stop shopping · Satisfaction guaranteed programs promoting customer goodwill · Buy from local merchants when possible · Stock ownership and profit-sharing with employees · Leads industry in information technology · Ongoing development of its employees · Strong community involvement
  19. Example SWOT Analysis of Wal-Mart 19 Weakness · No formal mission statement · Membership only for SAM’S Club · Keep poor performing employees on hand · Old fashioned store policies · Few women and minorities in top management
  20. Example SWOT Analysis of Wal-Mart 20 Opportunities · Consumers want ease of shopping · Internet shopping growing · Dollar value increasing · Similar shopping patterns worldwide · Retail sales expected to increase · Environment conscious consumers · Elderly population growing · Asian market virtually untapped by retail · European Market untapped by retail
  21. Example SWOT Analysis of Wal-Mart 21 Threats · Regulation of Wal-Mart pharmacies · Small towns do not want entry of Wal-Mart · Bad media exposure for Kathie Lee Brand · Variety of competition nationally, regionally and locally · Substitute products more easily because of intense competition
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