In addition to this, the strategic market planner must assess their likely impact on the organization for after all, there is no other reason for appraising the environment. Kotler and Keller suggests that the planner can begin to make this assessment using opportunity and threat matrices.
The opportunity matrix is based on the planner assessing the relative attractiveness of an environmental opportunity and the probability of success should the company decide to act upon it. In turn, this assessment requires an assessment of the strengths and weaknesses of the company, which we look at later in this chapter. In the same way, the planner should assess the likely impact of any possible threats to which trends in the environment give rise. Here we need to assess both the probability of the threat occurring and its seriousness for the activities of the organization.
Clearly, these matrices are an oversimplification of the analysis required to assess the impact of environmental changes on an organization. Not uncommonly, two or more trends, each of which on its own would not represent significant opportunities or threats, can, in combination, be highly significant. This means that several trends may need to be evaluated together to assess their crossimpact. Despite the problems of determining the impact of trends it is essential that this is done. One of the benefits is the fact that even if the precise effects are difficult to predict, the very process of assessment and the necessary cross-functional discussion to which this gives rise can help the company to become prepared for the future.
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Marketing Management Tutorial
Development Of A Strategic Approach To Marketing: Its Culture; Internal Macro- And External Micro-environmental Issues
Markets And Customers: Consumer And Organizational Buyer Behaviour And Marketing Strategy
Markets And Customers: Market Boundaries; Target Marketing
Product And Innovation Strategies
Channels Of Distribution And Logistics
Customer Care And Relationship Marketing
Marketing Information Systems And Research
Analysing The Environment: (opportunities And Threats) And Appraising Resources (strengths And Weaknesses)
Evaluating And Controlling Strategic Marketing
Strategic Marketing Planning Tools
Services Marketing And Not-for-profit Marketing
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