Marketing Audit Session 2 Overview
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Questions and Answers

What is one of the key components of Action Centred leadership according to the Adair model?

  • Conducting team building exercises
  • Achieving the task (correct)
  • Implementing strict controls
  • Motivating individual achievements

    • Which leadership style is characterized by adapting to different situations?

  • Charismatic leadership
  • Situational leadership (correct)
  • Transformational leadership
  • Action Centred leadership

    • Transactional leaders primarily focus on what kind of relationship with their subordinates?

  • Transformational change
  • A series of transactions (correct)
  • Innovative collaboration
  • Personal growth and development

    • The cultural web of an organization illustrates the interplay between which concepts?

    <p>Assumptions and organizational outcomes</p> Signup and view all the answers

    Which leadership type tends to be brave and a risk taker?

    <p>Charismatic leaders</p> Signup and view all the answers

    What is the main focus of transformational leaders?

    <p>Conforming to networks and collaborative ideas</p> Signup and view all the answers

    Which aspect is NOT part of the Action Centred leadership model?

    <p>Motivating through rewards</p> Signup and view all the answers

    What does the cultural web concept primarily inform organizations about?

    <p>Behavioral, physical, and symbolic culture aspects</p> Signup and view all the answers

    What is the primary purpose of conducting a strategic audit?

    <p>To assess the current situation of the organization using analytical models</p> Signup and view all the answers

    What is one of the preparatory tasks mentioned for completing the audit?

    <p>Read up on unclear areas</p> Signup and view all the answers

    When is the deadline for submitting the audit for tutor review?

    <p>Wednesday, 30 October</p> Signup and view all the answers

    Which of the following is an output expected from the session activities?

    <p>Draft parts of your marketing plan</p> Signup and view all the answers

    What platform is mentioned for storing the materials and drafts?

    <p>Dropbox</p> Signup and view all the answers

    What is the primary function of threshold capabilities within an organization?

    <p>To meet basic competitive requirements</p> Signup and view all the answers

    Which of the following criteria must a core competence meet?

    <p>It must provide significant customer value</p> Signup and view all the answers

    What distinguishes distinctive capabilities from threshold capabilities?

    <p>Distinctive capabilities are required to achieve competitive advantage</p> Signup and view all the answers

    What is the primary purpose of environmental scanning?

    <p>To systematically survey and interpret relevant external data</p> Signup and view all the answers

    Which type of resources can be considered as part of an organization's core competencies?

    <p>Knowledge-based assets and capabilities</p> Signup and view all the answers

    Which of the following is considered an in-house source of information?

    <p>Customer surveys</p> Signup and view all the answers

    What type of data does web analytics primarily provide?

    <p>Customer behavior on websites</p> Signup and view all the answers

    Which of the following is NOT a characteristic of threshold capabilities?

    <p>They ensure a competitive advantage over nearly all competitors</p> Signup and view all the answers

    What is an example of a threshold capability?

    <p>Basic financial resources to start operations</p> Signup and view all the answers

    Which of the following is not a source of external information?

    <p>Mobile/app analytics</p> Signup and view all the answers

    Which statement best describes the relationship between resources and competencies?

    <p>Competencies help organizations utilize resources efficiently.</p> Signup and view all the answers

    What is one benefit of demand forecasting?

    <p>It helps predict future resource requirements</p> Signup and view all the answers

    What type of analysis is essential for accurate demand forecasting?

    <p>Trend analysis on past demand</p> Signup and view all the answers

    Which of the following best describes distinctive competencies?

    <p>Capabilities that contribute significantly to customer value and are hard to imitate</p> Signup and view all the answers

    Which of the following describes a key component of market intelligence?

    <p>Identifying competitors’ weaknesses</p> Signup and view all the answers

    Why is it important for companies to respond to gathered information?

    <p>To adjust to changes based on external insights</p> Signup and view all the answers

    What are distinctive capabilities primarily used for?

    <p>Achieving competitive advantage</p> Signup and view all the answers

    In the VRIN analysis, what does the 'R' stand for?

    <p>Rare</p> Signup and view all the answers

    Which is NOT a characteristic of resources in the VRIN framework?

    <p>Robust</p> Signup and view all the answers

    What is a primary focus of the RACE model?

    <p>Reviewing marketing activities</p> Signup and view all the answers

    What does the 'C' in the RACE model represent?

    <p>Conversion</p> Signup and view all the answers

    Which of the following describes 'Achilles' Heels' in the Resource and Capability Matrix?

    <p>Key weaknesses</p> Signup and view all the answers

    What is the purpose of understanding the customer journey?

    <p>To audit marketing activities</p> Signup and view all the answers

    What does the term 'Crown Jewels' refer to in the Resource and Capability Matrix?

    <p>Key strengths that create customer value</p> Signup and view all the answers

    What does benchmarking channel performance primarily involve?

    <p>Assessing marketing effectiveness</p> Signup and view all the answers

    What is one of the main frameworks for auditing marketing activities?

    <p>RACE model</p> Signup and view all the answers

    What is the primary goal of market research?

    <p>To gather facts related to marketing goods and services</p> Signup and view all the answers

    Which of the following is NOT a component of a SWOT analysis?

    <p>Limitations</p> Signup and view all the answers

    What do the internal factors in a SWOT analysis represent?

    <p>The company's internal capabilities and challenges</p> Signup and view all the answers

    What should an effective SWOT analysis be characterized as?

    <p>Concise, authentic, significant, and actionable</p> Signup and view all the answers

    Which of the following factors does NOT belong to the external PESTLE opportunities in a SWOT analysis?

    <p>Limitations in production capacity</p> Signup and view all the answers

    What type of factors should be considered under opportunities in the micro factors of a SWOT analysis?

    <p>Supplier relationships and negotiations</p> Signup and view all the answers

    What could be classified as a weakness in a SWOT analysis?

    <p>Limited product range compared to competitors</p> Signup and view all the answers

    In a SWOT analysis, which aspect would PESTLE factors typically relate to?

    <p>Market opportunities and threats</p> Signup and view all the answers

    Study Notes

    Strategy & Planning

    • Session 2 took place on October 16, 2024
    • Topics covered included: Auditing the environment, Auditing the organization, Developing insights, SWOT analysis, and Auditing the marketing environment.

    Agenda

    • Key elements in the agenda included LDN, MKT, and SET.
    • Topics were broken down into: Auditing the environment, auditing the organization, developing insights, and SWOT analysis.
    • Subtopics within the session included: market development, diversification, market penetration, and product development.

    What is a Marketing Audit?

    • A marketing audit examines various external and internal factors impacting a business.
    • Key external factors include: economy, cultural forces, social factors, customers, public, competitors, demographics, channels, distributors, political structures, suppliers, and dealers.
    • External factors also include technologies and legal structures.
    • Internal factors include the organization itself.

    Using Marketing Models and Frameworks

    • Models and frameworks used included: Ansoff Growth Matrix, The BCG (growth/share) Matrix, and the GE-McKinsey nine-box matrix
    • Another key framework was Mendelow's Power-Interest Matrix.
    • Models displayed options for market development, diversification, market penetration, and product development.

    Porter's Five Forces Model

    • The five forces impacting competitive environments are: competitive rivalry, threat of substitute products, bargaining power of buyers, threat of new entrants, and bargaining power of suppliers.

    Competitor Analysis

    • Direct competitors offer similar products to the same market.
    • Indirect competitors offer different products fulfilling the same need.
    • Potential competitors may emerge in the future.
    • Incipient competitors are ones that haven't emerged yet but may be a threat.
    • Analysis can include resource similarity and market commonality.

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    Related Documents

    LMS S&P Session 2 - Student PDF

    Description

    This quiz explores the key concepts discussed in Session 2 about Marketing Audits, including the auditing of the environment and organization. Key methodologies such as SWOT analysis and various market strategies like development and penetration are examined. Test your understanding of how these auditing processes impact business strategies.

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