Chapter 2.1 & 2.2 Key Terms
Is an assessment that lists and analyzes the company strengths and weaknesses. I love SWOT analysis.
Is an analysis of outside influences that may have an impact on an outside influence that may have an impact on an organization. An environmental scan involves a PEST analysis.
Is a formal, written document that directs a company’s activities for a specific period of time. I am going to make a marketing plan.
Is a brief overview of the entire marketing plan. The executive summary comes last.
Is the study of the internal and external factors that affects marketing strategies. The Situation analysis is an analysis of factors.
An organization’s strategy that combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business. The marketing strategy is the foundation of a marketing plan. An effective marketing strategy should be foucsed on the key points of difference.
Sales Forecasting is the process of estimating what your business’s sales are going to be in the future. Sales forecasts help find out your future sales.
A performance standard is a management-approved expression of the performance threshold(s), requirement(s), or expectation(s) that must be met to be appraised at a particular level of performance. Performance standard help your employees know what they should act like.
Market segmentation is a marketing strategy which involves dividing a broad target market into subsets of consumers, businesses, or countries who have, or are perceived to have, common needs, interests, and priorities, and then designing and implementing strategies to target them. marketing segment helps you divid you marketing targets.
statistical data relating to the population and particular groups within it. the demographics of book buyers.
The money left after taking out taxes. Marketers who produce and distribute products that are necessities are interested in the consumers’ disposable income.
The money left over after paying for basic living necessities. Marketers who sell luxuries and premium products are interested in the consumers’ discretionary income.
Segmentation of the market based on where people live. Marketers take geographics into account when determining what kind of people they will be conducting business with.
Grouping together people of similar lifestyles, attitudes, values, and opinions. Psychographics are used to determine what will appeal to who and how to distribute them.
he use of a single marketing strategy to reach all customers. When products have universal appeal and few features to differentiate them, mass marketing is used.
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