Marketing Ch. 4

Price strategy

A business decision about pricing and how prices are set to make a profit

Promotional mix

A combination of the elements used in a promotional campaign

Place stratrgy

A decision about how and where the products will be produced, acquired, shipped, and sold to customers

Promotion strategy

A decision about which selling, advertising, sales promotions, and public relations activities to pursue in the promotional mix

Marketing strategy

A decision made about the product, price, place, or promotion

Product strategy

A decision marketers use to help make about what products a business should sell

Marketing plan

A document describing businesses and marketing objectives and the strategies and tactics to achieve them

Template

A document that already has a basic format that can be used many times

Return of investment

A ratio that shows the efficiency of an investment by comparing the gains from the investment to its cost

Situation analysis

A snapshot of the environment in which an business has been operating over a given time, usually the last 12-16 months

Marketing tactic

A specific activity to carry out a marketing strategy; usually the longest part of a marketing plan

Unique selling proposition

A statement of how your company is different from the competition or how your products are better than the competition.

Business overview

Identifies the company as a service, retail, wholesale, or manufacturing business.

Action plan

Includes a detailed time line, the budget, and the metrics to evaluate the effectiveness of any campaigns

SWOT analysis

Lists the strengths, weaknesses, opportunities, and threats the business faces

Metric

Standard of measurement

Mission statement

The company message to customers about why thr business exists

External environment

The condition of the local and national economies

Marketing objective

The goal a business wants to achieve during a given time, usually over one year, by implementing the marketing plan

Vision statement

The overall goal for the future of the company

Market share

The percentage of total sales in a market that is held by one business

Market segmentation

The process of dividing a large market into smaller groups