DECA Chapter 2

SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)

An assessment that lists and analyzes the company’s strengths and weaknesses, also includes opportunities and the threats that surround it. Lists everything that can foster the business’s success and what could make it fail.

PEST Analysis (Political, Economic, Socio-Cultural, Technological)

The scanning of outside influences on an organization. Methodical look at the world that typically includes 4 factors: political, economic, socio-cultural, and technological.

Marketing Plan

Formal, written document that directs a company’s activities for a specific period of time. Details analysis and research efforts and provides a road map for how a product will enter the market, be diversified, and sold.

Executive Summary

Brief overview of the entire marketing plan, briefly addresses each topic in the plan and gives and explanation for the costs involved in implementing the plan.

Situation Analysis

Study of the internal and external factors that affect marketing strategies. Takes the stock of where the company or product ha sbeen, where it is now, and where it is headed. This analysis often includes market research, competitor analysis, and a review of the company's strengths and weaknesses.

Marketing Strategy

Identifies target markets and sets marketing mix choices that focus on those markets.

Sales Forecast

The projection of probable, future sales in units or dollars.

Performance Standard

An expectation for perfomance that reflects the plan’s objectives. These are the measuring sticks to evaluate and asses marketing objectives, financial objectives, and marketing mix strategies.

Matket Segmentation

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

Demographics

Statisitics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background, education, and occupation.

Disposable Income

Money left after taking out taxes. Marketers that distribute necessities are interested in changes in this income

Discretionary Income

Money left after paying for basic living necessities such as food, shelter, or clothing.

Geographics

Segmentation of the market based on where people live. Local, state, regional, national, or even global markets.

Psychographics

Involves grouping people with similar attitudes, interests, and opinions, and well as their lifestyles and values.

Mass Marketing

Using a single marketing strategy to reach all customers instead of targeting specific segments.