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The Situation Analysis

The Situation Analysis. Now That You Know Your Customer…The Situation Analysis. After you understand your customers’ needs, personality traits, cultural factors, and VALS styles, how do you make decisions about your “4 P’s”? Develop a situation analysis

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The Situation Analysis

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  1. The Situation Analysis

  2. Now That You Know Your Customer…The Situation Analysis • After you understand your customers’ needs, personality traits, cultural factors, and VALS styles, how do you make decisions about your “4 P’s”? • Develop a situation analysis • The AMA’s definition – “the systematic collection and study of past and present data to identify trends, forces, and conditions with the potential to influence the performance of the business and the choice of appropriate strategies.” (www.marketingpower.com) • Kerin’s definition – “a summary of the company’s competitive situation” • 3 parts • SWOT analysis • Competitive analysis • Points of difference

  3. The SWOT Analysis • Internal factors – decisions that the company controls • S = strengths • W = weaknesses • External factors – trends and factors that the company does not control • O = opportunities • T = threats Typo!

  4. Research Template for SWOT • Research is required to develop the SWOT analysis. • Use this template to guide your research activities. • Rule of thumb – find at least 10 relevant sources for each category (for a total of 40 sources)! Source: www.bizstrategies.biz

  5. Video Explanations of SWOT • What is SWOT? - Gizelle explains. • The SWOT analysis - Mindtools.com applies this to your business. • Put together your SWOT -Erika explains using a whiteboard. • See page 34 in Kerin for an example.

  6. After You Collect The Data • Your research will produce pages and pages of information. How do you summarize it? • Prioritize. Pick the most important information. • Your greatest strengths • Your worst weaknesses • The most interesting or valuable opportunities • The scariest threats

  7. Competitive Analysis • Who are your competitors? • It doesn’t matter who you think they are! • Your market will tell you – think through the brain cells of the decision-maker. • Your competitors are the other products and brands that the consumer identifies through step 2 of the purchase decisions process.

  8. Competitive Analysis • Once you know who they are, use this template to guide your research. • http://www.score.org/pdf/Competitive%20Analysis_08.pdf

  9. Points of Difference • Finally, identify your points of difference • Kerin’s definition – those characteristics of a product that make it superior to competitive substitutes. • “Substitute” is just another word for a competitor that your market would consider buying. • MarketingProfs.com – • A point of difference is “a difference that competitors do not have.” • It’s unique to what you offer in the marketplace.

  10. What Is The Purpose of The Situation Analysis? • Summarize the competitive situation. • Identify your strongest competitor. • Choose one, or maybe two, actions to take. • Build on a strength • Correct a weakness • Exploit (pursue) an opportunity • Avoid or defend against a threat

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