Ch. 2 Segmentation and the Marketing Plan

SWOT
the assessment that analyzes a company’s strengths and weaknesses
sales forecast
projects future sales in units or dollars
demographics
Statistics that describe a population
in terms of personal characteristics, such as age, gender,
income, marital status, and ethnic background.
marketing strategy
Identifies target markets and sets
marketing mix choices that focus on those markets
geographics
Segmentation of the market based on
where people live
discretionary income
The money left after paying
for basic living necessities, such as food, shelter, and
clothing
market segmentation
The process of classifying
people who form a given market into even smaller
groups
mass marketing
Using a single marketing strategy to
reach all customers
psychographics
Grouping people with similar attitudes,
interests, and opinions, as well as lifestyles and
shared values
disposable income
The money left after taking out
taxes
PEST analysis
Scanning of outside influences on an
organization
marketing plan
A formal, written document that
directs a company’s activities for a specific period of
time
3 phases of the marketing process
planning, implementation, control
marketing concept
The idea that a business should
strive to satisfy customers’ needs and wants while generating
a profit for the business
marketing mix
The four basic marketing strategies
called the four P’s: product, place, price, and promotion.
executive summary
A brief overview of the entire
marketing plan
situation analysis
The study of the internal and external
factors that affect marketing strategies
performance standard
An expectation for performance
that reflects the plan’s objectives
niche marketing
This narrows and defines a market with extreme precision