Marketing Plan & SWOT Analysis Flashcards

Which section of a marketing plan typically defines the target market segments and their characteristics?

Answer: Market analysis

The market analysis section identifies and describes target segments, including demographics, psychographics, and buying behavior.

In SWOT analysis, a new regulation that limits a competitor's advertising is best classified as:

Answer: Opportunity

A regulation that restricts a competitor creates a competitive advantage for your firm, making it an external opportunity.

A company discovers its customer retention rate is below the industry average. Where does this belong in a SWOT analysis?

Answer: Weakness

Low customer retention is an internal deficiency that puts the company at a disadvantage, classifying it as a weakness.

What is the primary purpose of a marketing audit conducted before creating a marketing plan?

Answer: To evaluate past and current marketing performance

A marketing audit systematically examines the company's marketing environment, objectives, strategies, and activities to identify strengths and areas for improvement.

Which strategy in the TOWS matrix matches internal weaknesses with external threats?

Answer: WT (Mini-Mini) strategy

The WT (Mini-Mini) strategy focuses on minimizing weaknesses while avoiding threats, often through defensive or retrenchment actions.

A marketing plan's executive summary should be written:

Answer: After all other sections are complete

The executive summary condenses the entire plan and is most accurately written after all sections are complete, even though it appears first.

When a SWOT analysis reveals a match between a company's strength and a market opportunity, the recommended strategic approach is:

Answer: Pursue an aggressive growth strategy

Strength-Opportunity (SO) combinations support aggressive growth strategies that leverage internal capabilities to capture external opportunities.