The Ultimate Guide to Strategic Marketing by Robert J. Hamper

Author:Robert J. Hamper
Language: eng
Format: epub
Publisher: McGraw-Hill Education
Published: 2014-12-14T16:00:00+00:00

Analyzing Problems

After you identify the firm’s problems, rank them based on their seriousness and probability. If you determine that the probability of a problem is high, you should consider developing contingency plans to help offset the problem, thus averting its threat to the firm. The figures in this chapter are blank forms for you to fill out. The sample case has a similar analysis prepared for your edification.

Using the previous suggestions, list all the problems, including both external and internal. Analyze these problems using the following five steps:

1. Use Figure 5.1 to list and rank all of the problems, based on their importance to your firm. For example, is one product’s slight drop in market share critical in terms of achieving the company’s objectives? Is the lack of competitor information trivial or alarming? You can use a numerical value system or a weighted system in ranking problems. First, assign a value from 1 to 10 (where 1 is the least serious to the firm and 10 is the most serious) to each problem. Next, assess the probability of a solution as being from 0 percent to 100 percent (where 0 percent is that you cannot solve the problem and 100 percent that you are certain that you will successfully solve the problem). Finally, use the assigned values for the seriousness of the problem and the probability of solving the problem to complete the matrix in Figure 5.2.

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