Chapter 2 Marketing
goals
A company's _ project where the company should be this year and up to five years into the future.
Mission Statement
A company's message to its customers about why the company exists is known as its ____.
segments
A large target market is sometimes divided into smaller market _ composed of smaller groups of people, businesses, or organizations with common characteristics or needs.
situation analysis
A snapshot of the environment in which a business has been operating over a specific period of time and evaluates both internal and external environments related to marketing and sales is a ____.
bibliography
As market planners conduct research to develop the marketing plan, they develop a(n) ____________ that lists the resources they have gathered for the plan.
marketing mix
Consists of the four Ps: product, price, place, and promotion
sales analysis
Contains sales history, as well as projections or forecasts of sales to be achieved.
market analysis
Describes the information gathered through the SWOT, environmental scan, and competitive analyses.
tactics
Every marketing strategy has a set of _ designed specifically to accomplish the strategy.
technological factors
Factors that affect the ease with which a business can operate in a region and the level of its productivity in that region are ____.
threats
In a SWOT analysis, external factors that may negatively affect a company's growth, such as the economy, are called _.
Opportunities
In a SWOT analysis, the external factors that provide chances for a company to increase profits are ____.
About a year before implementation
Marketing plans are usually written ____.
PEST
One method of conducting an environmental scan is to do a ____ analysis.
business description
Outlines the product and the type of business (brick-and-mortar, online, or both).
executive summary
Provides an overview by highlighting critical points in the marketing plan.
marketing goal
Simple, clear statement of the results to be achieved by marketing efforts.
budget
Specifies the costs to implement the planned marketing tactics and promotions.
metrics
Standards of measurement for marketing effectiveness.
Hard Metrics
Standards that can be measured, such as the click-through rate of an e-mail campaign, are known as ____.
mix
The combination of elements used in a promotional campaign is known as the promotional _.
strategies
The decisions made to execute a marketing plan and meet the goals of a business are known as marketing _.
convince customers that the product is better than the competition in some way
The goal of product positioning is to ____.
executive summary
The goal of the _ of a marketing plan is to provide a snapshot that will entice the reader to review the entire document.
action plan
The list of a company's marketing tactics that includes detailed plans for executing each tactic is the company's _.
size
The market _ is the total sales per year for a specific product by all businesses that offer the product.
product positioning
The process used to influence the customer's perception of a product.
business description
The section of a marketing plan that includes the vision statement, mission statement, and company goals is the _ section.
marketing tactics
The specific activities a company performs to carry out agreed-upon marketing strategies are ____.
target market
The specific group of customers at which a company aims its product or service.
target market
The specific group of customers at which a company aims its products or services is the company's _.
metrics
The standards of measurement used to determine the success rate of a marketing plan are known as _.
business plan
The written document that describes a business, how it operates, and how it makes a profit is called a(n) _.
Market share, product lines, pricing, physical location
What facts about competing companies are included in a competitive analysis?
The analysis of strengths, weaknesses, opportunities, and threats that a business will face.
What is a SWOT analysis?
social factors
Which of the following factors is included in a PEST analysis?
advertisement
Which of the following is not likely to be included as a resource for developing a marketing plans?
opportunities for new sales
Which of the following is not likely to be included in the price strategies of a marketing plan?
Vision Statement
Which of the following items is generally found in the business description portion of a marketing plan?
Marketing Mix
Which of the following topics is found in the marketing strategies section of a marketing plan?
Vision Statement
Which part of a marketing plan has been described as "looking into a crystal ball and seeing the future of the company"?
competition
_ occurs when two or more businesses attempt to attract the same customers.
A specific, measurable, attainable, realistic, and timely goal for someone or something to reach.
what is a SMART goal?
