Chapter 2 DECA

SWOT analysis

an assessment that lists and analysizes the companies strengths and weaknesses. It also includes opportunities and threats that surround it.

PEST analysis

scanning of outside influences on an organization

Marketing plan

formal written document that directs a compaies activities for a specific period of time

executive summary

brief overview of the entire marketing plan

situation anaylsis

study the internal and external factors that affect marketing strategies 

marketing strategy

identify target markets and sets marketing mix choices that focus on those markets 

sales forecast

(the projection of portable, future sales in units or dollars) bugets details of each activity for who will be responsible for each activity 

preformance standards

an expectation for preformancer that reflects plans objectives

market segmentation

the process of classifying people who form a given market into even smaller groups 

demographics

refers to staticts that describe a population in terms of personal characteristics such as age, income, marital status, ethnic background, education and occupation

disposable

money left after taking out taxes

discretionary income

the money left after paying for basic living necessities such as food, shelterm and clothing

geographics

refers to segmentation of the market based on where people live

psychograghics 

involves grouping people with similar attitudes, interst, and opinion as well as lifestyles and shared values 

mass marketing 

involves using a single marketing stategy to reach all customers

G.I generation

1900-1924

• lived through both world wars

Silent generation

1925-1945

• born between both world wars

• known as LUCKY FEW

Baby Boomers

1946-1964

• 76 million babies were born 

• focus on civil rights movments 

Generation X

1965-1980

• defined by marketers

• “latchkey” kids

Generation Y

1981-1996

• millenials

• negative image

• cotdle parenting

• more educated

Generation Z

1997-2012

• anything is possible 

• terror threats, possible nuclear

Generation Alpha

2013-2025

• digital 

• everything is faster

What are the advantages and disadvantages of Mass Marketing?

Advantages: 

• economics of sales

• simplfies marketing plan

Disadvantages: 

• competiotors can identify unmet needs and wants and steal customers 

what is the 80/20 rule?

80% of a companies sales are generated by 20% of loyal customers

What are the elements of a marketing plan ?

• executive summary

• situation analysis 

• objectives 

• marketing statgies 

• implementation 

• evaluation and control

What does an objective need to be?

• single minded

• specific 

• realistic

• measurable

• have a time frame

why do marketers create a marketing plan?

to communicate aspects such as:

• analysis and research 

• goals

• objectives

• strategies 

What does the P stand for in PEST?

Political issue:

• government affects business opperations

What does the E stand for in PEST?

Economic issue:

• recession

• unemployment

• currency rates

• import pricing

• trade restrictions

What does the S stand for in PEST?

Socio- Cultural issue:

• changes in attitude, lifestyles, and opinions provide oppertunites and threats 

What does the T stand for in PEST?

Technology issues:

• companies must embrace technology and innivate to stay competitive 

What are the 3 C’s?

Company, Customers, Competition