Unit:14

group of people who you focus on your marketing
target market
a goal can be evaluated to determine its
success
to reach their goal, marketers plan the route they belive to be
efficient
balancing value and satisfaction for the customer
price
element of marketing refers to the various types of communication that marketers use to inform, persuade, or remind customers of their products
promotion
when marketers determine their tactics, they make sure their tactics
line up with their strategy
a firm’s strategy is important because it shows
how its goal will be reached
before customizing the marketing mix, marketers should
select the strategy
which part of the marketing mix gets a selected product in right place at the right time?
place
marketing plan is designed to attract target customers through a set of
strategies
a marketing plan forces the marketing team to put its goals in writing, making those goals
easier to remember
an important benefit of marketing plans
they can help obtain funds
serves as a snapshot of the businesses current marketing situation
situation analysis
following words describes an ideal marketing objective
measurable
section of the marketing plan includes info about expected results
performance and implementation
following items might be included in a marketing plans appendix
a product photograph
to buy a product, customers in a market must first
be willing to buy the product
when examining a market, marketers primarily notice its
categories
same person can be included in more than one
target market
when using mass marketing, marketers seek to appeal to the
entire market
market segmentation is about dividing the market into what type of groups
specific
when total market is divided, one of its groups is called a market
segment
mass marketing is not as precise as what type of marketing
segment
sorting customers by their physical and social characteristics is called
demographic segmentation
when marketers sort customers psychographically they divide them by
lifestyle habits
geographic segmentation is dividing the market by where customers
live
company has excelled reputation among its client base
strength
competing company has just gone out of business
opportunity
new law has raised the company’s taxes
threat
competing business that has just opened down the street
threat
compared to the competition, your staff lacks experience
both weaknesses and threat
company has some bad debt
both weakness and threat
conducting a swot analysis is the first step in which process
strategic planning
swot interviews work best in
one- on- one
its important not to confuse weaknesses with
mistakes
effective method for gathering external info for use in a swot analysis is
environmental scanning
SWOT ANALYSIS is subjective because it deals in a large part with
opinion