DECA Chapter 2 Vocab

SWOT analysis

An assessment that lists and analyzes the company’s strengths, weaknesses, opportunities, and threats to help in strategic planning.

PEST analysis

The scanning of outside influences on an organization, looks at 4 factors , political, economic, socio-cultural, and technological. Understanding how these areas change helps businesses adapt and strategize effectively.

Marketing Plan

A formal written document that directs a company’s activites for specific period of time. Provides a road map for how the product will enter the market, be advertised, and sold.

Executive Summary

Brief overview of the entire marketing plan, addresses each topic in plan gives explanation to costs involved. Provides information to people outside of the organization such as investors or business consultants.

Situation Analysis

Study of external and internal factors that affect the marketing strategies takes stock of where the company or product has been where it is now and where its headed.

Marketing Strategy

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

Sales Forecasts

The projection of probable future sales in units or dollars

Performance Standard

and expectation for performance that reflects the plan’s objectives.

Market segmentation

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

demographics

Refer to the statistics that describe a population in terms of personal characteristics such as age, gender, income, education, and ethnicity, martial status, occupation.

disposable income

is the money left after taking out taxes.

discretionary income

Is the money left after paying for basic living necessities such as food, shelter, and clothing.

geographics

Refers to segmentation of the market based on where people live.

psychograghics

involves grouping people with similar attitudes, interests, and opinions as well as lifestyles and shared values.

mass production

Involves using a single marketing strategy to reach all all customers.