Marketing Chapter 2 Study Guide

SWOT analysis
an assessment of a company’s strengths and weaknesses and the opportunities and threats that surround it
PEST analysis
scanning of outside influence on an organization
Marketing plan
a formal written document that directs a company’s activities for a specific period of time
Executive summary
a brief overview of the entire marketing plan
Situation analysis
the study of the internal and external factors that affect marketing strategies
Marketing strategy
strategy that identifies target markets and sets marketing mix choices that focus on those markets
Sales forecast
the projection of probable, future sales in units or dollars
Performance standard
an expectation for performance that reflects the plans objectives
Marketing segmentation
the process of classifying people who form a given market into even smaller groups
statistics that describe a population in terms of personal characteristics
segmentation of the market based on where people live
grouping people with similar attitudes, interests, and opinions as well as lifestyles
Disposable income
money left over after taking out taxes
Discretionary income
money left over after paying for basic living necesities
Mass marketing
using a single marketing strategy to reach all customers