Ans the swot acronym represents the four components

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ANS: The SWOT acronym represents the four components of a situation analysis, the second step in stra- tegic business planning. SWOT stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal components of the organization that should be analyzed, while opportunit- ies and threats are characteristics of the external environment that should be analyzed. With the SWOT analysis, the company is determining its present status, its current capabilities, and its future expecta- tions. PTS: 1 REF: 18 OBJ: 02-3 TOP: AACSB Communication | TB&E Model Strategy 5. What is a marketing objective? Name three criteria for good marketing objectives. Use the criteria to write an objective for a business with which you are familiar. ANS: A marketing objective is a statement of what is to be accomplished through marketing activities. For marketing objectives to be realized, they must meet several criteria. They must be: realistic - managers should develop objectives that have a chance of being met measurable - managers need to be able to quantitatively measure whether or not an objective has been met time-specific - by what time should the objective be met? compared to a benchmark - it is important to know the baseline against which the objective will be measured The example objective should fulfill the above criteria and be stated in terms of actions expected by the target consumers.
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PTS: 1 REF: 18-19 OBJ: 02-4 TOP: AACSB Communication | TB&E Model Strategy 6. What is environmental scanning? Name four environmental forces that affect marketing decision-mak- ing. ANS: Environmental scanning is the collection and interpretation of information about external forces, events, and relationships that may affect the future of the organization. It helps identify market oppor- tunities and threats and provides guidelines for the design of marketing strategy. Important forces include: social forces demographic forces economic forces technological forces political and legal forces competitive forces PTS: 1 REF: 18 OBJ: 02-3 TOP: AACSB Communication | TB&E Model Research 7. Stump’s Hot Olives are manufactured by a family business in Wisconsin and are sold in Midwestern grocery stores, through mail order, and to a few local restaurants. The company has been in operation since 1998 and relies on labor from family and friends to produce and package olives in attractive, re- usable glass containers. They use store demonstrations to introduce their spicy olives to new custom- ers. Discuss how this company can establish or maintain at least one of the three types of competitive advantage. ANS: Student answers to this question will vary, but they should discuss one of the three types of competit- ive advantage: cost, product/service differentiation, and niche strategies. Their answers could include a cost competitive advantage, which can be achieved through no-frills goods and customer service, ef- ficient labor, production innovations (such as new products not currently on the market), and the ex- perience curve. A product differentiation competitive advantage might be achieved by the use of the
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