Marketing Essentials - Ch 2
Based on the 2009 edition (the orange book)
Terms in this set (30)
The acronym for strengths, weaknesses, opportunities, and threats
The process of analyzing everthing that can foster the business's success and make it fail
Strengths and weaknesses are both ___________ that affect business operations
company, customer, and competition
The internal analysis centers are these; the three Cs
The part of a company's internal analysis about what the company does well and what areas are week (including review of staff, the company's financial situation, production capabilities, and each aspect of the marketing mix)
The part of a company's internal analysis about customers' buying habits (including understanding who the customers are, what, when, where and how much do they buy, how satisfied is each customer segment, etc.)
A company's strengths and weaknesses when compared to its competitors, based on factors such as market share, core competencies, or reputatation.
Opportunities and Threats are both _________ that affect business operation.
Part of a company's external analysis that includes four types of factors: political, economic, socio-cultural, and technological (sometimes referred to to with the acronym PEST).
External factors that involve government involvement in business operations, such as changes in laws and regulations.
External factors such as the unemployment rate, inflation, retail sales figures, productivity, and consumer confidence.
External factors that analyze customers and potential customers. This covers changes in all demographic factors, such as age, income, occupation, and marital status, as well as pychographic factors, such as lifestyle and attitudes.
External factors that may threat one industry or company, but provide an opportunity for others (such as digital photography).
A formal, written document that directs a company's activities for a specific period of time. It details analysis and research efforts and provides a roadmap for how a product will enter the market, be advertised, and sold.
A brief overview of the entire marketing plan; it briefly addresses each topic in the plan and gives an explanation of the costs involved in implementing the plan.
The study of the internal and external factors that affect marketing strategies. The information from a company's SWOT analysis and from the environmental scan becomes the basis for this portion of the marketing plan.
Part of a marketing plan that identifies target markets and sets marketing mix choices that focus on those markets.
The projection of probable, future sales in units or dollars.
The process of classifying people who form a given market into even smaller groups is called __________________.
Refer to statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background, education, and occupation.
All Eyes On Me Everywhere I Go (demographic factors)
Money left over after taking out taxes (your net income), this money is spent on basic needs such as food, shelter and clothing.
Money left after paying for basic living necessities such as food, shelter and clothing. (Money available to spend on luxury or premium items).
Refers to segmentation of the market based on where people live.
Involves grouping people with similar lifestyles, as well as shared attitudes, values, and opinions.
Segmenting the market based on _____________ involves looking at the benefits desired by consumers, shopping patterns, and usage rate. (For example, many people, regardless of their socio-economic status, desire luxury merchandise).
The 80/20 rule
Means that 80 percent of a company's sales are generated by 20 percent of its loyal customers.
Involves using a single marketing strategy to reach all customers.
The current trend in marketing - markets are narrowed down and defined with extreme precision (as opposed to mass marketing).
An expectation for performance that reflects the objectives of a marketing plan.
YOU MIGHT ALSO LIKE...
Introduction to Business | Gaspar, Bierman, Kolari, Hise, Smith, Arreola-Risa
Deca week 4
DECA Marketing Planning
OTHER SETS BY THIS CREATOR
Marketing Essentials - Ch 38
Marketing Essentials - Ch 37
Marketing Essentials - Ch 36
Marketing Essentials - Ch 35
THIS SET IS OFTEN IN FOLDERS WITH...
Marketing Essentials - Ch 1
Marketing Essentials - Ch 19
Marketing Essentials - Ch 3
Marketing Essentials - Ch 11