CHAPTER 4 MARKETING PLAN

Mission Statement
Company’s message to customers about why the business exists
Marketing segmentation
Process of dividing a large market into smaller groups
SWOT anaylsis
Lists company strengths, weaknesses, opportunities, and threats the business faces
Product strategy
Decisions marketers use to help make about what products a business should sell
market share
Percentage of total sales in a market that is held by one buisness
template
Document with a basic format that can be used many times
Vision Statement
Overall goal for future of the company
Marketing Plan
A document describing business and marketing objectives and the strategies and tactics to achieve them
Promotional Mix
A combination of the elements used in a promotional campaign
Promotional Strategy
Decision about which selling, advertising, sales promotion, and public relations activities to pursue in the promotion mix
Unique Selling Proposition (USP)
Statement summarizing the features and benefits of a company, how it is different from the competition, or how it’s products are better than the competition
Place Strategy
Decision on how and where, the products will be produced, acquired, shipped, and sold to customers
Situation analysis
Snapshot of the environment in which a business has been operating over a given time, usually the last 12 to 16 months
Metric
Standard of measurement
Marketing Strategy
Decision made about product, price, place, and promotion
Price Strategy
Business decision about pricing and how prices are set to make a profit
Return on investment (ROI)
Ratio that shows the efficiently of an investment by comparing the gains from the investment to its cost. Common measure of profitability based on the amount earned from the investment made in business
Marketing objective
Goals a business wants to achieve during a given time, usually one year, by implementing that marketing plan
Action plan
Detailed time line, the budget, and the metrics to evaluate the effectiveness of a campaign
Marketing Tactic
Specific activity to carry out the marketing strategies