Ch. 2: The Marketing Plan Vocab, Marketing Plan Structure

Terms in this set (26)

SWOT analysis
Strengths, weakness, opportunities, and threats is the name of the process that analyzes the factors that could make a business succeed or fail.
Environmental scan
An analysis of outside influences that may have an impact on an organization. Includes looking at world in four areas → political, economic, socio-cultural and technological (PEST).
Marketing plan
Formal, written document that directs company's activities for specific period of time. Details analysis and research efforts. Provides map for how a product will enter the market, be advertised, and sold.
Executive summary
Introduction. Written last. Summarizes marketing plan.
Situation analysis
Provides snapshot of company's current position. Often reports SWOT results and environmental scan.
Objectives
Company's mission, marketing and financial objectives. Defines specific goals. Must be specific, single-minded, realistic, measurable and have a time frame.
Marketing strategies
Positioning and points of difference. Four Ps. Company defines how it will meet its objectives through the marketing mix.
Implementation
Organization, activities and responsibilities, timetables. Outlines how company will put its plan into effect.
Evaluation and Control
Performance standards and measurements (marketing and financial objectives, marketing mix strategies). Corrective action. Tells how marketing plan will be evaluated and what measures might be necessary if objectives are not met.
Appendix
Includes supplemental material.
Sales forecasts
The projection of probable, future sales in units or dollars.
Performance standards
An expectation for performance that reflects the plan's objectives.
Market segmentation
Process of identifying people who form a given market and separating them into smaller groups.
Demographics
Statistics that describe a population through personal characteristics (age, gender, income, etc)
Disposable income
Money used for necessities (you "throw" this money away)
Discretionary income
Money you make decisions with. Leftover after buying the basics such as food, shelter, and clothing.
Geographics
Segmentation of market based on where people live.
Psychographics
Grouping people with similar lifestyles (how money and time are spent) as well as attitudes, values, and opinions (personality traits and motivation).
Mass marketing
Using a single marketing strategy to reach all customers.
Executive Summary
Introduction. Written last. Summarizes marketing plan.
Situation Analysis
Provides snapshot of company's current position. Often reports SWOT results and environmental scan.
Objectives
Company's mission, marketing and financial objectives. Defines specific goals. Must be specific, single-minded, realistic, measurable, have a time frame.
Marketing Strategies
Positioning and points of difference. Four Ps. Company defines how it will meet its objectives through the marketing mix.
Implementation
Organization, activities and responsibilities, timetables. Outlines how company will put its plans into effect.
Evaluation and control
Performance standards and measurements (marketing and financial objectives, marketing mix strategies). Corrective action. Tells how marketing plan will be evaluated and what measures might be necessary if objectives are not met.
Appendix
Includes supplemental materials.
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