Marketing – Vocabulary – Chapter 2

SWOT analysis
strengths, weaknesses, opportunities, threats
environmental scan
analysis of outside influences that may impact
marketing plan
formal, written document that directs company activity
executive summary
brief overview of the marketing plan
situation analysis
study of internal & external factors that affect marketing strategies
sales forecasts
projection of probable, future sales in units or dollars
marketing strategy
IDs target markets & sets marketing mix choices that focus on those markets
performance standard
expectation that reflects the plan’s objectives; measuring stick
market segmentation
classifying people in a market into even smaller groups
demographics
stats that describe a population by characteristics; age, gender, income, education, etc.
disposable income
money left after taxes
discretionary income
money left after paying basic living expenses like food, clothing, shelter
geographics
segmentation of a market based on where people live
psychographics
grouping people with similar lifestyles, attitudes, opinions, values
mass marketing
using one marketing strategy to reach all customers
factor
something that helps bring about a result
technology
the skills and knowledge used by people to make tools and do work
external
Anything relating or belonging to the outside.
internal
situated or occuring within or on the inside
strengths
skills that you are good at, or qualities that you have that are good
weaknesses
skills that you are not good at, or qualities that you have that are not good
opportunities
chances to do something
threats
the broad range of forces capable of producing adverse consequences
range
the limits within which something can be effective
attitude
A way of thinking or feeling about certain things.