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Ebook The market planning guide (6th edition): Part 2

(BQ) Part 2 book "The market planning guide" has contents: Marketing and the internet, the marketing plan, strategic marketing, advertising and promotion, strengths and weaknesses. | CHAPTER EIGHT STRENGTHS AND WEAKNESSES Y our marketing strategy has to reflect the strengths and weaknesses of your business. This includes the competitive strengths and weaknesses noted in Chapter Four. In a successful business, all important parts of running the business are covered adequately if not necessarily brilliantly. No major area can be left unattended. A management audit (see Figures 8.1 and 8.2) helps you gauge the quality of your management, spot areas where improvement is needed, and make sure that there are no glaring omissions to trip you up. Your aim is to establish the right balance for your business. Your business is an assembly of systems, each of which has to work well for the whole business to be profitable. The audit helps make sure that your business has all its necessary parts, that they are all working together towards the same goals, and that the goals are suitable for the resources of your business. Further, all parts should be of the right size. Letting one part outgrow the rest leads to an imbalanced allocation of resources. As you conduct your management audit, which should take only an hour or so to complete, keep balance in mind. Any item that is checked “no” warrants your immediate attention because it flags a weakness in your business. While a “yes” answer affirms that the area in question is at least covered, there could still be room for improvement. You may want to go over Figure 7.1 again looking for “yes” areas that you can improve on. Remember: build on strengths, shore up weaknesses. Figure 8.1 covers general internal operations. Section 1, Sales and Marketing, has the most direct bearing on your marketing plans. Your aim is to establish the right balance for your business. 89 90 The Market Planning Guide By: GL Date: _ 2/19/03 Based upon your analysis of the business, the operation is being run satisfactorily in the area of: Yes I.