Marketing, Chapter 4
Southwest airlines
And example of a strategy canvas is blank company being good at friendly service, speed, and frequent departures
Internal and external. Direction
SWOT analysis encompasses both the blank and blank environments of the firm. It provides blank for the development of viable marketing plans
Development of a strategic focus for the firms marketing efforts
SWOT analysis helps the marketing manager transition from a broad understanding of the markets environment to the
The firm can create lists without serious consideration for the issues. It often becomes a sterile academic exercise a class fine data
The two most common criticisms against the SWOT analysis are
An assessment of what could change in the environment that might transform current Strank's into weaknesses in current weaknesses and strengths
Upside down thinking is defined as
Aggressive, diversification, turnaround, defensive
Using SWOT analysis as a guide, a firm might consider four general directions for a strategic efforts
Focuses on building long-term relationships and understanding your customers needs better than competition. Netflix or Ritz Carlton
What does customer intimacy strategy focus on? Example
Focus on efficiency of operations and processes. Walmart operates at lower cost to offer lower prices
What does operational excellence strategy focus on? Example
Focus on excelling at technology and product development. Microsoft with the surface pro
What does product leader ship strategy focus on? Example
The current state of business based on known facts and information.
Right side up thinking is defined as
Visually evaluate each element of the SWOT analysis. Quantify the magnitude of each element on a scale of 1 to 3 for strength/opportunities and -1 to -3 for weaknesses and strengths. Rate the importance of each element on a scale of 1 to 3. Multiply the magnitude by the importance for a total rating
A SWOT matrix helps to blank. What are the three steps
Strategy canvas. Blue ocean strategy book
A blank is a tool for visualizing a firm strategy relative to other firms in a given industry. This was developed in the book blank
Strategic focus
At the conclusion of the SWOT analysis, the marketing manager must work toward establishing a blank
One
The most successful firms choose blank number of strategies to excel at
It focuses on the information exchange between different functional areas
Collaboration is a benefit of SWOT analysis because
Perception
Competitive advantages can refer to real differences between competing firms or they can be based more on blank
Firms can downsize their strategy planning departments
Decreased costs is a benefit of SWOT analysis because
Many internal weaknesses in many external threats. Overwhelmed by internal and extra problems in filing for bankruptcy. RadioShack
Define a defensive direction for strategic efforts
Many internal strengths many external threats. Have a great deal to offer but external factors week in the ability to pursue. Tobacco companies
Define a diversification direction for strategic efforts
Many internal weaknesses in many external opportunities. Too many internal problems where they need to get their own house in order. GM
Define a turnaround direction for strategic efforts
Many internal strengths and many external opportunities. Expand and grow with new products in new markets. And example is a Google
Define an aggressive direction for strategic efforts
Tangible and intangible resources
Every organization can be considered a unique bundle of blank and blank resources
Simplicity, decreases costs, flexibility, integration and synthesis, collaboration
Five major benefits of SWOT analysis
It can enhance the quality of the organization strategic planning without extensive information systems
Flexibility is a benefit of SWOT analysis because
Attainable, consistent, comprehensive, involve some degree of intangibility
Goals should have these four characteristics
Strength and weaknesses. Opportunities and threats.
In the SWOT analysis, what a firm can and cannot do is described in these two areas. The environmental conditions working for and against the firm are in these areas.
Customer perceptions. Greatest influence
In the SWOT matrix, the magnitude and importance reading should be heavily influenced by blank perceptions. The elements with the highest total ratings should have the blank in developing the marketing strategy
Exhaustively
In the initial stages of swat analysis it is important to identify Issues blank
It integrates new and old information from a variety of sources
Integration is a benefit of SWOT analysis because
Operational excellence, product leadership, customer intimacy
Many successful firms have developed capabilities and competitive advantages based on one of the three basic strategies
Resources
Most often than not, the cause of each issue in a SWOT analysis can be found in the blank possessed by the firm or its competitors
Measurable, quantitative outcomes. Attain ability, continuity, timeframe, assignment of responsibility
Objectives involve blank, blank outcomes. These are therefore characteristics
A laser like focus on customer needs
One thing that all innovative companies have in common is
Functional area of the firm
Organizational goals and objectives must lead to the establishment of consistent goals and objectives for each blank
Utilizing the idea of upside down thinking and applying it to a firms competitors. The process looks at competitors strengths and weaknesses with a goal of identifying areas where competitive advantage can begin by flipping the strengths and weaknesses of others
Outside in thinking is defined as
Stay focused, search extensively for competitors, collaborate with other functional areas, examine issues from the customer perspective, look for causes not characteristics, separate internal from external issues, adopt a disruptive mindset
Seven directions for a productive swat analysis
it requires no extensive training to be used successfully
Simplicity is a benefit of SWOT analysis because
Resources
Strengths and weaknesses exist either because of the blank possessed or not possessed by the firm
A customer need. A capability
Strengths are meaningful only when they satisfy a blank. When this is the case, the strength becomes a blank
Right side up
The basis of swat analysis uses blank thinking
Strategic competitive advantages
The marketing manager can develop marketing strategies that leverage capabilities in the form of
