Business Administration 1220E Lecture Notes - Lecture 3: Pest Analysis
17 May 2018
School
Department
Professor
The Marketing Challenge
What challenge does the company face?
what is the performance measure it would like to affect?
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•
A company must define the marketing challenge at the outset of a plan
This allows a company to gauge success later
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•
Examples of marketing challenges:
Drive more customers to the store
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Increase the level of profit from each existing customer
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Increase customer satisfaction
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•
Internal Analysis
What are our Financial Capabilities?
Financial backing?
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Marketing Budget?
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What are our Marketing Capabilities?
Established brands?
•
Goods sales teams?
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What are our Operational Capabilities?
Capacity restrictions?
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Quality of production?
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Supplier relationships?
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What kind of Human Resources do we have?
Established relationships?
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Previous experience?
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External Analysis
PEST ANALYSIS
What is going on in an industry that will affect your decision?
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Political: Gov’t Legislation + issues
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Economic: the economy, cycles, competition•
Social: Environmental, social, market trends •
Technological: New innovations •
Think implications - ask yourself, “SO WHAT”? •
COMPETITIVE ANALYSIS
• Understanding, anticipating and dealing with the competition is a critical part of
every marketer’s job
• Take the customer’s perspective:
○How does your product compare to the other available products in the
same category?
○Can you influence the customer’s perceptions?
COMPETITIVE ANALYSIS
• Who are your competitors (direct & indirect)?
○What are they currently doing well? Poorly?
○How can we compete with them
○How might they react to our decision(s)?
Marketing
Sunday, November 26, 2017
10:35 PM
40
Business Administration 1220E Full Course Notes
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