Marketing Essentials 2012- Chapter 2 – Flashcards
Unlock all answers in this set
Unlock answersquestion
SWOT analysis
answer
An assessment that lists and analyzes the company's strengths and weaknesses. Strengths, Weaknesses, Opportunities, Threats.
question
PEST analysis
answer
The scanning of outside influences on an organization. This methods looks at the world using four factors: political, economic, socio-cultural, and technological.
question
marketing plan
answer
A formal written document that directs a company's activities for a specific period of time.
question
executive summary
answer
A brief overview of the entire marketing plan
question
situation analysis
answer
Study of internal and external factors that affect marketing strategies.
question
marketing strategy
answer
Identifies target markets and sets marketing mix choices that focus on those markets.
question
sales forecasts
answer
The projection of probable, future sales in units or dollars.
question
performance standard
answer
An expectation for performance that reflects the objectives; it is a measuring stick.
question
market segmentation
answer
Process of classifying people who form a given market into even smaller groups.
question
demographics
answer
Statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background.
question
disposable income
answer
Money left after taking out taxes.
question
discretionary income
answer
Money left after paying for basic living expenses.
question
geographics
answer
Segmentation based on where people live.
question
psychographics
answer
Grouping people with similar attitudes, interests, and opinions as well as lifestyles and shared values.
question
mass marketing
answer
Using a single marketing strategy to reach all customers.
question
factor
answer
Anything that contributes causally to a result.
question
technology
answer
The practical application of science to commerce or industry or practical problems.
question
range
answer
An amount or extent of variation; complete group that is included between two points on a scale of measurement or quality.
question
attitude
answer
A complex mental state involving beliefs and feelings and values and dispositions to act in certain ways.
