Marketing Essentials 2012- Chapter 2

SWOT analysis
An assessment that lists and analyzes the company’s strengths and weaknesses. Strengths, Weaknesses, Opportunities, Threats.
PEST analysis
The scanning of outside influences on an organization. This methods looks at the world using four factors: political, economic, socio-cultural, and technological.
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
Study of internal and external factors that affect marketing strategies.
marketing strategy
Identifies target markets and sets marketing mix choices that focus on those markets.
sales forecasts
The projection of probable, future sales in units or dollars.
performance standard
An expectation for performance that reflects the objectives; it is a measuring stick.
market segmentation
Process of classifying people who form a given market into even smaller groups.
demographics
Statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background.
disposable income
Money left after taking out taxes.
discretionary income
Money left after paying for basic living expenses.
geographics
Segmentation based on where people live.
psychographics
Grouping people with similar attitudes, interests, and opinions as well as lifestyles and shared values.
mass marketing
Using a single marketing strategy to reach all customers.
factor
Anything that contributes causally to a result.
technology
The practical application of science to commerce or industry or practical problems.
range
An amount or extent of variation; complete group that is included between two points on a scale of measurement or quality.
attitude
A complex mental state involving beliefs and feelings and values and dispositions to act in certain ways.