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
