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 (D)</p> Signup and view all the answers

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

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

What is the main focus of transformational leaders?

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

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

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

What does the cultural web concept primarily inform organizations about?

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

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

<p>Wednesday, 30 October (C)</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 (D)</p> Signup and view all the answers

What platform is mentioned for storing the materials and drafts?

<p>Dropbox (C)</p> Signup and view all the answers

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

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

Which of the following criteria must a core competence meet?

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

What distinguishes distinctive capabilities from threshold capabilities?

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

What is the primary purpose of environmental scanning?

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

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

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

What type of data does web analytics primarily provide?

<p>Customer behavior on websites (B)</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 (C)</p> Signup and view all the answers

What is an example of a threshold capability?

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

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

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

Which statement best describes the relationship between resources and competencies?

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

What is one benefit of demand forecasting?

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

What type of analysis is essential for accurate demand forecasting?

<p>Trend analysis on past demand (D)</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 (B)</p> Signup and view all the answers

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

<p>Identifying competitors’ weaknesses (D)</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 (A)</p> Signup and view all the answers

What are distinctive capabilities primarily used for?

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

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

<p>Rare (C)</p> Signup and view all the answers

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

<p>Robust (B)</p> Signup and view all the answers

What is a primary focus of the RACE model?

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

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

<p>Conversion (D)</p> Signup and view all the answers

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

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

What is the purpose of understanding the customer journey?

<p>To audit marketing activities (D)</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 (C)</p> Signup and view all the answers

What does benchmarking channel performance primarily involve?

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

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

<p>RACE model (C)</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 (B)</p> Signup and view all the answers

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

<p>Limitations (D)</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 (C)</p> Signup and view all the answers

What should an effective SWOT analysis be characterized as?

<p>Concise, authentic, significant, and actionable (A)</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 (A)</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 (A)</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 (C)</p> Signup and view all the answers

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

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

Flashcards

Threshold capabilities

Essential resources and competencies needed to compete in a market and achieve a basic level of performance.

Distinctive capabilities

Unique resources and competencies that give a company a competitive advantage over rivals.

Core competencies

Unique strengths that create value for customers and are hard for competitors to copy.

Assess Resources & Competencies

Evaluate what a company has (resources) and what it does well (competencies).

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Organizational Strengths and Weaknesses

Identification of a company's internal advantages and disadvantages.

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Competitive Advantage

A company's ability to outperform competitors.

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Resources

Assets a company owns (physical, financial, human).

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Competencies

Skills and capabilities a company has.

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Organisational Culture

The shared values, beliefs, and behaviours that shape how an organization operates.

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Cultural Web

A model that visualizes the elements of an organization's culture. It includes stories, rituals, symbols, power structures, control systems, and organizational structures.

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Action-Centred Leadership

Leadership style focusing on achieving tasks, developing teams, and individuals, where these three components are reliant on each other.

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Situational Leadership

Leadership approach recognizing that different situations demand different styles.

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Charismatic Leadership

A leadership style characterized by boldness, risk-taking and inspiring followers.

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Transactional Leadership

A leader who motivates by offering rewards or punishments in exchange for performance.

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Transformational Leadership

A leader who inspires followers to accomplish more than expected.

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Leadership Styles

Various approaches to leading others. Each style has its own strengths and weaknesses, effective in different situations.

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VRIN Analysis

Framework to evaluate valuable, rare, inimitable, and non-substitutable resources for competitive advantage.

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VRIO Analysis

Analyzes if a firm effectively exploits its resources for competitive advantage.

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Resource & Capability Matrix

Tool to identify key strengths and weaknesses of an organization based on relative resource strength and strategic importance.

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Supply Chain Analysis

An examination of processes involved in supplying products and services to the customers.

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Value Chain Analysis

Examining the processes involved in creating products and services, from raw materials to final sales.

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Customer Journey

Understanding the path a customer takes when interacting with a company or brand.

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Benchmarking Channel Performance

Evaluating the effectiveness of marketing channels compared to industry best practices.

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RACE Model (Marketing)

Framework for analyzing reach, act, convert, and engage in marketing activities.

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Digital Culture Framework

A method of auditing marketing activities, specifically focusing on the digital component for a business.

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Environmental Scanning

The process of systematically collecting and analyzing data on external factors that could impact a company, such as trends, competitors, and the overall market.

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Market Intelligence

Information gathered through environmental scanning to identify opportunities and threats. This includes understanding the market size, key players, and current trends.

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Demand Forecasting

Predicting the future demand for products or services by analyzing past data, trends, and market research.

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Web Analytics

Data collected from website visits, including page views, traffic sources, and user behavior. Used to improve website performance.

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Mobile Analytics

Data collected from mobile app usage, including app downloads, user engagement, and revenue. Used to improve app performance.

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Social Media Engagement

Measuring how actively people are interacting with a company's social media content (likes, shares, comments).

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Social Media Sentiment

Analyzing the overall tone and attitude of people's social media posts towards a company or brand.

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Shopping Cart Activity

Data collected on customer behavior within online shopping carts, including items added, abandoned carts, and final purchases.

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Strategic Audit

A thorough analysis of your organization's current situation. This involves using relevant models and frameworks to assess where you are now and identify strengths, weaknesses, opportunities, and threats.

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Relevant Analytical Models

Tools and frameworks used in a strategic audit to gather and analyze information. They provide structured ways to assess the company's competitive position, market environment, and internal capabilities.

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Session 1 & 2 Material

The knowledge you gain from the first two sessions of the course. It provides the foundation and building blocks for conducting a strategic audit.

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Task 1a and 1b

These are tasks assigned in your course, focusing on strategic audits. Task 1a sets the stage, and Task 1b builds upon it, requiring you to conduct a thorough analysis.

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Option Selection

Before starting your audit, you need to choose a specific option. This could be a particular product, market segment, or area within your organization that you'll focus on.

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Market Research

The process of gathering information about customers, the market, and the industry to answer key questions. It involves systematically collecting facts and figures related to the marketing of goods and services.

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SWOT Analysis

A strategic planning tool that identifies a company's internal strengths and weaknesses, as well as external opportunities and threats. It helps businesses understand their competitive position and make informed decisions.

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Strengths (SWOT)

Internal factors that provide a company with an advantage over its competitors. These could include strong brand reputation, skilled workforce, or unique technology.

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Weaknesses (SWOT)

Internal factors that hinder a company's performance. These could be lack of resources, outdated technology, or a weak management team.

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Opportunities (SWOT)

External factors that offer potential for growth and success. These could be emerging markets, changing consumer trends, or government initiatives.

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Threats (SWOT)

External factors that pose a risk to a company's success. These could be increased competition, economic downturn, or changes in regulations.

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Developing a SWOT

Involves gathering information about a company's internal and external environment, identifying strengths, weaknesses, opportunities, and threats, and analyzing their relationships.

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Actionable SWOT

A SWOT analysis that provides clear and specific actions to take advantage of opportunities, address weaknesses, and mitigate threats.

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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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