Marketing Strategies and SWOT Analysis

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Questions and Answers

In a SWOT analysis, which category would the decline in customers for a coffee shop most likely fall under?

  • Weaknesses (correct)
  • Opportunities
  • Strengths
  • Threats

What marketing strategy involves asking loyal customers to refer their friends and family?

  • Creating a Customer Survey
  • Leveraging Existing Customers (correct)
  • Networking
  • Creating a 'Wow' Factor

Which of the following is NOT a suggestion for improving marketing for small businesses?

  • Offering discounts to all customers (correct)
  • Proactive networking
  • Conducting customer surveys
  • Creating a 'Wow' factor

When conducting market research, which of the following activities is NOT typically part of the process?

<p>Developing new products without feedback (B)</p> Signup and view all the answers

What is the primary purpose of conducting a SWOT analysis in the context of the coffee shop's situation?

<p>To identify strengths, weaknesses, opportunities, and threats (A)</p> Signup and view all the answers

What does the biblical passage 2 Corinthians 12:9 emphasize about grace and power?

<p>Grace is sufficient and power is made perfect in weakness. (C)</p> Signup and view all the answers

According to Proverbs 23:7, how does our thought process influence our reality?

<p>What we think reflects who we will become. (B)</p> Signup and view all the answers

What aspect of relationships is highlighted in Proverbs 27:17?

<p>Relationships are essential for sharpening one another. (B)</p> Signup and view all the answers

What is a benefit of using a strength-based approach according to the text?

<p>It helps to improve physical health and well-being. (B)</p> Signup and view all the answers

Which statement reflects the importance of personal agency in the process of change?

<p>A person's priorities should guide their change process. (B)</p> Signup and view all the answers

What does applied research indicate about strengths compared to weaknesses?

<p>Strength areas offer significantly larger growth potential. (D)</p> Signup and view all the answers

How are self-confidence levels related to strengths awareness?

<p>Awareness and use of strengths enhance self-confidence. (A)</p> Signup and view all the answers

What percentage of customers will continue to do business with a company that provides good customer service?

<p>81% (A)</p> Signup and view all the answers

How much more are customers willing to pay for exceptional service?

<p>10% (D)</p> Signup and view all the answers

What can a 5% increase in customer retention rates lead to in terms of profit increase?

<p>25% to 95% (A)</p> Signup and view all the answers

What is the formula for calculating Customer Value (CV) based on the given example?

<p>CV = price per haircut × number of haircuts per year (D)</p> Signup and view all the answers

What is the Customer Lifetime Value (CLV) for a loyal customer who pays $25 for a haircut once a month over 5 years?

<p>$1,500 (B)</p> Signup and view all the answers

Which of the following customers has the highest CLV based on their purchasing behavior?

<p>Customer C: $300 per month for 5 years (B)</p> Signup and view all the answers

In what way do customer service and profit correlate?

<p>Good customer service leads to higher sales. (A)</p> Signup and view all the answers

What is the critical nature of calculating Customer Lifetime Value (CLV)?

<p>It helps optimize marketing strategies. (A)</p> Signup and view all the answers

Which concept is essential for understanding the overall profitability of customer relationships?

<p>Customer Lifetime Value (CLV) (C)</p> Signup and view all the answers

What is the total revised forecast sales for 2023?

<p>1,950 (C)</p> Signup and view all the answers

What was the % accuracy for Q2 sales compared to the revised forecast?

<p>91% (D)</p> Signup and view all the answers

Which quarter saw the highest actual sales in 2023?

<p>Q1 (B)</p> Signup and view all the answers

In the sales forecast practice, what was the average sales per month in 2023?

<p>$8,000 (A)</p> Signup and view all the answers

What does the 'Preparation' aspect of the Biblical Four P’s of Marketing refer to?

<p>Jesus' time in the wilderness (A)</p> Signup and view all the answers

How many sales were recorded in Q4 2023 based on the actual sales figures?

<p>500 (D)</p> Signup and view all the answers

Which quarter had sales lower than the previous forecast sales in 2023?

<p>Q3 (A)</p> Signup and view all the answers

What is the main focus of the marketing course outlined in the class topics?

<p>Biblical Perspective in Marketing (C)</p> Signup and view all the answers

What does the 'Proclamation' aspect of the Biblical Four P's of Marketing encompass?

<p>John the Baptist's announcement (B)</p> Signup and view all the answers

What was the total actual sales for Q1 2023?

<p>450 (C)</p> Signup and view all the answers

What is the primary purpose of building rapport in a sales relationship?

<p>To create an emotional bond and build trust (B)</p> Signup and view all the answers

Which technique is NOT recommended to improve Bonding & Rapport?

<p>Ignoring the customer’s personal interests (D)</p> Signup and view all the answers

How does educating customers contribute to rapport building?

<p>It provides an opportunity for sales staff to showcase their knowledge (D)</p> Signup and view all the answers

What should a salesperson focus on to better connect with customers?

<p>The customer's interests and preferences (A)</p> Signup and view all the answers

Which of the following statements about rapport is TRUE?

<p>Rapport is a key aspect of subconscious communication. (A)</p> Signup and view all the answers

What is a common mistake salespeople make when trying to build rapport?

<p>Talking too much about their own experiences (B)</p> Signup and view all the answers

What is one effective way to build rapport with a customer?

<p>Expressing genuine interest in the customer's opinions (C)</p> Signup and view all the answers

What role does humor play in building rapport?

<p>It can make conversations more relaxed and enjoyable. (C)</p> Signup and view all the answers

Which of these actions could potentially break rapport with a customer?

<p>Always trying to upsell additional products (A)</p> Signup and view all the answers

Which phrase best describes the impact of building rapport on sales?

<p>Building rapport is essential for creating trust. (D)</p> Signup and view all the answers

Flashcards

Strength-Based Approach

A way of understanding and developing individuals by focusing on their existing strengths rather than weaknesses.

Focus on Strengths

Concentrating on improving existing good qualities, behaviors, or skills rather than addressing limitations or weaknesses first.

Challenges as Opportunities

Turning difficulties into chances to improve oneself or grow.

Words Shape Reality

The power of language; positive words lead to positive thoughts, and vice versa.

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Authentic Relationships

Strong, genuine connections with others are crucial for growth and positive change.

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Personal Change

Change driven by personal values, not by external opinions or expectations.

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Strength-Based Growth

Strengths show more potential for growth than weaknesses.

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Customer Lifetime Value (CLV)

The profit a company expects to earn from a customer throughout their entire relationship.

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Customer Retention

Keeping existing customers.

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Customer Value (CV)

The profit generated by a customer in a specific time period (e.g., monthly).

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Customer Lifetime (CL)

The duration of the business relationship with a customer (measured in time units like years).

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Importance of Customer Service

Good customer service leads to increased customer retention, positive referrals, and willingness to pay more.

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High CLV Customer

A customer who generates significant profit over time due to frequent and high-value purchases.

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Short-sighted CLV Approach

Focusing solely on immediate sales, neglecting the long-term value of a customer.

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Calculating CLV (Simple Method)

Multiplying monthly customer value (CV) by the customer's lifetime with the company (CL).

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Impact of Retention Rate Increase

A 5% increase in customer retention rates can have a significant positive effect on profits, ranging from 25% to 95%.

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Example CLV Calculation

Calculating the total expected profit from a customer with regular monthly visits.

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Sales Forecast

A prediction of future sales based on historical data and market trends.

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Revised Forecast

An updated sales forecast that reflects changes in market conditions or business plans.

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Actual Sales

The actual amount of sales achieved during a specific period.

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Forecast Accuracy

A measure of how closely the sales forecast matches the actual sales.

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Average Sales Forecast Model

A method of forecasting sales by calculating the average of past sales data.

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Marketing Excellence

The ability to achieve exceptional marketing results, exceeding expectations.

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Biblical Marketing Perspective

Applying Christian values and principles to marketing strategies.

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Market Validation Process

A systematic approach to testing and confirming the viability of a product or service in the market.

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Four P’s of Marketing

The marketing mix, consisting of product, price, place, and promotion.

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Jesus' Ministry as a Marketing Example

Jesus' actions and teachings exemplify the four P’s of marketing, showcasing how to effectively communicate and deliver a message.

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Building Rapport

Establishing an emotional connection and friendly relationship with a customer.

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Rapport

Commonality of perspectives; being 'in sync' with the customer.

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Selling Breaks Rapport

Customers feel pressured during sales, damaging the positive relationship.

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Educating Builds Rapport

Demonstrating care and expertise, building trust by being knowledgeable.

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Ask Great Questions

Engage customers by asking questions about their interests, making them feel heard and valued.

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Sense of Humor

Creating a professional and positive atmosphere in sales interactions.

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Commiserate

Show support to the customer by listening empathically during a situation, showing you care.

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Care about the Customer

Prioritize the customer and their needs over all else in the conversation.

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Find Common Ground

Discover shared interests with the customer (sports, music, etc.).

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Mirror Body Language

Subtly matching your customer's body language to create subconscious connection.

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SWOT Analysis

A strategic planning tool used to identify and analyze an organization's internal strengths and weaknesses, and external opportunities and threats.

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Market Research

Gathering information about a target market, competitors, and trends to make informed business decisions.

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Unique Selling Position

What makes your business stand out from the competition – a special feature, benefit, or aspect that attracts customers.

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Customer Survey

Asking customers for feedback about products, services, and their overall experience to improve.

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Networking

Making connections with people in your industry, potential customers, and other professionals to build relationships and promote your business.

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Study Notes

Master Teaching Classes Level 1

  • Master Teaching Classes
  • Level 1
  • BLESSBACK Business Academy

Master Teaching Presentations Level 1

  • Master Teaching Presentations
  • Level 1
  • BLESSBACK Business Academy

Unveiling Your True Potential

  • Unveiling Your True Potential
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Understanding Spiritual Gifts

  • 1 Corinthians 12:4-11
  • Different kinds of gifts, but the same Spirit distributes them.
  • Different kinds of service, but the same Lord.
  • Different kinds of working, but God is at work in all.
  • Manifestation of the Spirit is given for the common good
  • Wisdom, knowledge, faith, gifts of healing, miraculous powers, prophecy, distinguishing between spirits, speaking in different kinds of tongues, interpretations of tongues.
  • All these are the work of one and the same Spirit, and he distributes them to each one, just as he determines.
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Bible References

  • 1 Cor. 12: 8-10 Gifts - Wisdom, Knowledge, Faith, Healing, Miraculous Powers, Prophecy, Distinguishing between Spirits, Speaking in different tongues, Interpretation of Tongues
  • Rom 12: 6-8 Gifts - Prophesying, Serving, Teaching, Encouraging, Giving, Lead, Show Mercy
  • 1 Cor. 12: 28-31 Gifts - Helpers, Organizers
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Identifying Your Spiritual Gifts

  • Take the Spiritual Gifts Assessment provided as a separate PDF.
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Sharing Your Spiritual Gifts

  • Share your Top 3 Spiritual Gifts (highest scores).
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Activating your Spiritual Gifts

  • Romans 12:1 - 8
  • Urge bodies as a living sacrifice, holy and pleasing to God.
  • Do not conform to the pattern of this world. Be transformed by the renewing of your mind.
  • Test and approve what God’s will is—his good, pleasing and perfect will
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Activating Your Spiritual Gifts

  • Humble Service in the Body of Christ
  • Do not think more highly than you ought to.
  • Think of yourself with sober judgment.
  • If your gift is prophesying, then prophesy in accord ance with your faith; if it is serving, then serve; if it is teaching, then teach; if it is to encourage, then give encouragement; if it is giving, then give generously; if it is to lead, do it diligently; if it is to show mercy, do it cheerfully.
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Activating Your Spiritual Gifts

  • Step 1: Do not conform to worldly ways,
  • Be transformed by the renewing of your mind.
  • The word transformed is the same word as transfigured,
  • His face shone like the sun, and his clothes became as white as the light."
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Activating Your Spiritual Gifts

Second part of Romans 12:2 says “Then you will be able to test and approve what God's will is—his good, pleasing and perfect will.” Some people follow God's will because it is good and they fear rebuke and others follow God's will because it is acceptable. Step 2 in activating your Spiritual Gifts is to love God’s will and find it perfect!

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Activating Your Spiritual Gifts

  • Step 3: Evaluation of the spiritual gifts
  • Prophesying, then prophesy in accordance with your faith.
  • Serving, then serve.
  • Teaching, then teach.
  • Encourage, then give encouragement.
  • Giving, then give generously.
  • Lead, do it diligently.
  • Mercy, do it cheerfully.
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Activating Your Spiritual Gifts

Business Application

  • Purpose-driven vision: Use your spiritual gifts to shape the purpose and vision of your business.
  • Leadership and management: Apply your spiritual gifts to your leadership style and management practices.
  • Customer and employee care: Use your spiritual gifts to enhance customer and employee experiences.
  • Problem-solving and innovation: Tap into your spiritual gifts to approach business challenges with a fresh perspective.
  • Integrity and ethics: Allow your spiritual gifts to guide your ethical and moral compass as a business owner.
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Spiritual Gifts vs. Strengths

  • Spiritual gifts are special abilities given by the Holy Spirit to believers in Jesus Christ.
  • Strengths refer to the natural talents, abilities, and skills that individuals possess.
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Spiritual Gifts & Strengths

  • While strengths are often innate or acquired through personal development, spiritual gifts are specifically bestowed by the Holy Spirit.
  • It's important to recognize and nurture both strengths and spiritual gifts in our lives.
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Strengths Basis

  • Seeks to view an individual holistically and explore their abilities and circumstances (strengths), instead of focusing on improving the weaknesses and deficits.
  • Enables the individual to be an active participant in the use of their strengths for their growth and improvement
  • The method can be applied to any client, employee, or group.
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Strengths Basis

  • Acrostic CPR defines strength-based approach (Saleeby, 2006)
  • C: competence, capacities, and courage
  • P: promise, possibility and positive expectations;
  • R: resilience, reserves, and resources
  • A "philosophy for working with people to bring about change" (McCashen, 2005) where their strengths are utilized.
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Guiding Principles

  • Everyone has potential, limitations do not define.
  • What we dwell upon becomes our reality, see challenges as opportunities for growth.
  • The words you use determine your reality
  • Change is inevitable, everybody has potential to improve and succeed.

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