Marketing: Chapter 2 test

What does PEST stand for

Political, economic, socio-cultural, technological

Scanning of outside influences on an organization. This is a methodical look at the world that typically includes four factors: political, economic, socio-cultural, and technological.

A PEST Analysis

socio-cultural

Based on customers and potential customers. it focuses on their attitudes, lifestyle, and opinions

In SWOT what are the S and the W

Internal

SWOT

Strengths, weaknesses, opportunities, and threats

Economic Issues

The economy is affected by factors such as recessions, import pricing, trade restrictions, currency rates, trade restrictions, unemployment

technological

changing technology may be a threat for one industry, but an opportunity for other. Companies must embrace technology and innovate to stay competitive.

Company analysis: when evaluating itself, a company must analyze these areas

company staff, production capabilities, and financial situation

In SWOT what are the O and the T

external

An environmental scan is an analysis of internal company strengths and weaknesses.

false

When completing a SWOT analysis, you should assess the strengths and weaknesses that are external to the company and out of your control.

false

Customer analysis: companies study customer buying patterns to...

find out what customers are pleased or dissatisfied with. create intrust (specific ads and catalogs)

political issues

political issues center around government involvement in business operations, such as law and regulations

What does SWOT help

prepares a company for competition or a changing market place. provides guidelines and directions for future marketing strategies

Changing technology may be a threat for one industry, but an opportunity for others.

true

SWOT stands for "strengths, weaknesses, opportunities and threats."

true

What are the three Cs

company, customers, and competition

When completing a SWOT analysis, you should assess the opportunities and threats that are external to the company and out of your control.

true

competitive position: A company may find that it has certain strengths and weaknesses when compared to its competitors

what is the company's market share? What advantages does the company have over its competitors? What core competencies does the company process? are competitors taking business away?