DECA Chapter 2 vocab

SWOT analysis

an assessment that lists and analyzes the companies strengths and weeknesses, opportunities, and threats.

PEST analysis

the scanning of outside influences on an organizationthat evaluates political, economic, socio-cultural, and technological factors.

disposable income

the money left after taking out taxes

discretionary income

the money left after paying for basic living nessities such as food, shelter, bills

geographics

refers to segmentation of the market based on location and where people live

psychographics

a way of grouping people with similar attiudes, intrests, and opinions as well as lifestyle

mass marketing

involves using a single marketing strategy to reach all customers

marketing plan

a formal written document that directs a companies activites

executive summary

a brief overview of a marketing plan's key points, goals, and recommended strategies for stakeholders.

situation strategy

the study of the internal and external factors that affect marketing strategies

marketing strategy

identifies target markets and sets marketing mis choices to focus on those markets

sales factor

the projection of probable future sales in units or dollars. budgets,details,on each activity and who is responsible for each activity.

preformance stratgy

an expectation for performance that reflects the plans objectives.

market segmentation

the process of classiying people from 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, occupation and education.