Deca Chapter 2

SWOT analysis

An assessment which lists a companies strengths and weaknesses. Strength, Weakness, opportunity and threat. It prepares a company for competition/ changing market place. Also provides guidance and direction for future marketing strategies.

PEST analysis

The scanning of outside influences on an organization. It includes political, economic, socio-cultural and technological factors.

Marketing plan

A formal written document that directs a company’s activities for a period of time.

Executive Summary

A brief overview of the entire marketing plan

Situation analysis

The study of the internal and external factors that affect the 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

Performance standards

An expectation for performance which reflects the plan’s objectives

Market segmentation

The process of breake=ing down the people who forma specific market into smaller groups

Demographics

Statistics that describe a population in terms of personal characteristics such as age, gender, income, education and more.

Disposable income

The money left after taking out taxes

Discretionary income

The money left after paying for basic living expenses like food shelter and clothing

Geographics

Segmentation of the markets based on where people live

Psychographics

Grouping people based off of similar attitudes, interests or values.

Mass Marketing

Using a single marketing strategy to reach all customers.