MKTG 2150 Lecture Notes - Lecture 15: Swot Analysis, Brainstorming
8 Feb 2020
School
Department
Course
Professor
SWOT and the External Environment
SWOT Analysis
• Strengths
• Weaknesses
• Opportunities
• Threats
• Strengths and Weaknesses are internal factors, Opportunities and Threats are external factors
The External Environment
CRESTD
• Competitive
• Regulatory
• Economic
• Socio-Cultural
• Technological
• Demographic
Competitive Forces
• Understanding both direct and indirect competition
Regulatory Forces
• Restrictions places on marketing practices by different levels of government or industry
associations
Economic Forces
• Supply and Demand and other economic trends (Interest rates)
Socio-Cultural Forces
• Societal and cultural shifts in attitudes, newly evolving trends
Technological Forces
• Inventions or innovations that stem from scientific or engineering research
• Advances in technology forces businesses to continually adapt or fail (Blockbuster)
Demographic Forces
• The statistical study of populations
• Things like age, gender, income etc.
Steps in a Marketing Environment Scan
1. Facts and Trends – Collect facts and identify trends in each area
2. Brainstorming Ideas – Brainstorm on marketing ideas that may build the business
