COMM 299 Lecture Notes - Lecture 2: Groupthink, Swot Analysis
11 Feb 2017
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Document Summary
Why is analysis so important: critical to ensure that you have the knowledge necessary to develop and maintain advantage. Analysis: gathering data and information to turn into intelligence. Pitfalls of analysis: escalating commitment: commit more and more resources even when the project is failing, groupthink: embark on poorly determined course of action without thoroughly questioning. Situation analysis: first step in developing a marketing plan, examines the external and competitive influences that shape the market, by the end you (cid:449)ill ha(cid:448)e (cid:272)reated a (cid:862)(cid:271)ig pi(cid:272)ture(cid:863) idea, address the following. What benefits does the product deliver to its customers. Elements of situation analysis: external influences. Economic trends: dictate the type and amount of marketing activity that needs to be undertaken. Good times -> companies and customers spend more -> new opportunities. Bad times -> companies and customers spend less -> fewer opportunities. Social and demographic trends: age, income, immigration and lifestyle. Technology trends: advancements in technology changing the market.
