Principles of Marketing Ch 1-4

Demographic dimensions for segmenting consumer markets

- Income - Gender - Age - Family Size/ Life Cycle Stage - Occupation/ Education - Ethnicity/ Social Class

Behavioral dimensions for segmenting consumer markets

- Needs - Benefits Sought - Thoughts - Rate of Use - Purchase Relationship - Brand Familiarity - Kind of Shopping - Type of Problem Solving - Information Required

Cluster Analysis

-A benefit of researching clusters of potential customers is the ability to target your marketing vehicles (ads, direct mail, special events, etc.) to those clusters most likely to desire your products and services -By targeting your message to specific neighborhoods or zip codes, you avoid "wasted coverage"----spending money to advertise to those who are not considered your target audience

Mission Statement

-A statement of vision of the organization's "reason for being" and that which differentiates the company from its competitors -Should be brief enough "to fit on a T-shirt" the idea being that the more succinct the mission statement is, the more memorable it will be for all employees -Total company objectives provide the blueprint for setting the marketing objectives, which include each element of the marketing mix; product, place, promotion, and price

Market-Directed Economy

-Adjusts itself -Price is value measure -Freedom of choice -Government's role limited -Characterized by consumers who pay what they think things are worth, rather than what they're told to pay (we vote on the value of an offering by what we're willing to pay for it; EBay and Craig's List are great examples of how to determine the going market rate of something.)

Definition of Marketing

-American Marketing Association: The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large" -Stresses importance of delivering genuine benefits in the offerings of goods, services, and ideas

Things a Firm Should do in Producing a Bike

-Analyze Needs -Predict Wants -Estimate Demands -Predict When -Determine Where -Estimate Price -Decide Promotion -Estimate Competition -Provide Services

What are Universal Functions of Marketing? (Risk-Taking)

-Assuming responsibility for the uncertainties inherent in the market place -Running a business is an endeavor that is full of surprises: economic fluctuations, changes in societal needs, changes in consumer behavior, natural disasters, etc.

Regional Economic Groupings

-Becoming more important, such as NAFTA, the North American Free Trade Agreement between the U.S., Canada and Mexico that removes trade restrictions among the three nations, and the European Union, which has unified European markets through adopting a common currency, removing trade restrictions and allowing a free flow of products and laborers throughout its member nations

Changes in Cultural and Social Environment

-Changing Role of Women -Changes Come Slowly -Culture is a social force that incorporates the set of values, attitudes and ideas that is learned and shared among the members of a group -The social forces of an environment include the demographics of the population and its values -Changes in cultural and social forces can have a very important impact on marketing strategies—as cultural values change, people's needs and desires for products are dramatically influenced. Marketers must continuously monitor these changes.

How are Decisions Made in an Economic System?

-Command Economy -Market-Directed Economy

Analyzing Competition (Key Concepts)

-Competitor Analysis -Competitive Rivals -Competitive Barriers -Competitive Advantage

Marketing Mix

-Controllable variables the company puts together in order to best satisfy the target market's wants and needs -What specific combination of the 4P's results in the best recipe for the ideal product for a given target market

Customer Databases

-Created by many companies in order to capture important demographic and behavioral data that helps them create a profile of the "perfect customer" for their products -By merging other outside databases with a company's own, potential new customers can be identified i.e. Safeway collects customer data from its customer's use of Safeway's Loyalty Club cards. These data are used to tailor marketing mixes to EACH customer individually. (A customer that has purchased Kellogg's Raisin Bran may get a different coupon than someone who purchases Quaker Oatmeal)

Marketing activities must first begin with

-Customer's needs -Not with the production of a product or service

Nationalism

-Emphasis on protecting your own country's interests before all else, is an example of the influence of the political environment -"Made in the U.S.A.", "Buy Local" campaigns -Cons include limiting international business opportunities and therefore limiting company revenues and consumer product-assortment options

Key Characteristics of Macro-Marketing

-Emphasis on whole system -Matches producers and consumers -Every economy needs it

Total Profit Approach

-Estimates potential sales and costs over the life of the product

Ethnicity

-Ethnicity and racial makeup of the U.S. population is changing enormously -The three largest and fastest-growing ethnic groups are Hispanics, African Americans, and Asian Americans -It is important for marketers to be aware that household spending by these groups is growing at a much faster pace than for U.S. households in general

The Competitive Environment (Pure Competition)

-Exists when there are many sellers of the same product -Due to the commonality of the product and the vast supply, no one seller is able to affect the price of the product i.e. The agricultural industry where potatoes, wheat, rice, etc is fairly indistinguishable from producer to producer. Distribution is about the only factor which could differentiate a supplier in this climate

Ethical Issues

-Exploitation: may exploit consumers, especially groups such as the young, the poor, those less educated, and minorities -Creates Unnecessary Wants: desires that make people want things they don't need -Does Harm: May even lead to physical, (fast cars, cigarettes, alcohol), emotional (drugs), or financial harm

The Technological Environment

-Fastest changing, making many products and services now obsolete

Which Company Resource May Limit Search for Opportunities

-Financial Strength -Producing Capability and Flexibility -Marketing Strengths

Command Economy (Planned Economy)

-Government Officials Decide -May work well if: simple economy, little variety, adverse conditions -One in which the government makes all the decisions regarding production and distribution of goods and services -This type of economy is generally found in underdeveloped countries

Household Size

-Has changed dramatically over the past several decades and is a game-changer for some companies in planning their marketing mix -More than 50% of all U.S. households are made up of only one or two persons

The Marketing Concept

-Idea that a company should focus on satisfying the needs of the customer while at the same time trying to achieve the goals of the company (usually including the making of a profit!) -Overlap of three things: Customer satisfaction, Company effort, Profit (or another measure of long-term success) as an objective -Product companies were first to embrace the marketing concept, service companies have been slower to adopt this idea

Market Segmentation Defines Possible Target Markets

-If a firm chooses too narrow a set of segments, it may not be able to achieve its sales and profit objectives -If it chooses too broad a set of segments, it may not be able to sustain the marketing activities needed in each segment and expenses may eat away the profits

Who do we "Market" to?

-Individuals: buying for themselves and their families -Organizations: buying for their own use (such as manufacturers) or for resale (such as wholesalers and retailers)

Evaluating Opportunities in International Markets

-Industrial products: Insensitive -Consumer products linked to cultural variables: Sensitive

The Economic Environment

-Macro-economic factors that affect consumer and business spending patterns: GDP, annual per-capita income, inflation rate, interest rates, unemployment rate, wage-growth, mortgage rates, home sales, dollar exchange-rates, U.S. retail sales growth/decline, and so on -Affects individuals, businesses, non-profit organizations, and government spending most everyone is affected by this environment -Even small changes in the economic environment can have profound impacts on consumer behavior and spending patterns i.e. During the recent recession, consumers in the highest income/net worth categories also changed their buying habits—not out of need, but out of a concern that they would be seen as politically incorrect

What is Marketing?

-More than advertising -About fulfilling unmet needs of consumers -"Marketing anticipates customer needs, and directs a flow of need-satisfying goods and services from producer to consumer"

The Competitive Environment (Monopolistic Competition)

-Most common environment in the U.S. -With many sellers of substitutable products within a certain price range i.e. apparel, jewelry, paper/household/personal care products or hotels, restaurants, coffee shops

Marketing Strategy Planning Process

-Narrowing down from broad market opportunities that a firm might pursue to a specific strategy A. Marketing strategy specifies a specific target market and a specific marketing mix B. Not just some strategy, but one that will offer target customers superior value -Segmentation helps pinpoint a specific target market -Differentiation helps pinpoint a marketing mix that is different from and better than what is available from a competitor -Screening criteria make it clear why you select a specific strategy (and why others are screened out) -S.W.O.T. analysis identifies and lists a firm's strengths and weaknesses and its opportunities and threats A. S.W.O.T Analysis helps identify relevant screening criteria (what is needed to get a competitive advantage)

Examples of Characteristics of the Political Environment

-Nationalism - Regional Economic Groupings

The Competitive Environment (Oligopoly)

-Only a few companies control the majority of the market's sales i.e. Wireless phones (Verizon, AT&T, T-Mobile), the airline and entertainment industries

The Competitive Environment (Monopoly)

-Only one firm sells the product or service, i.e. water, electricity -Government regulation is deemed to be a necessity -Typically, marketing activities play a small role in this environment

Customer Relationship Management (CRM)

-Outcome of today's focus on the customer as the driver of any business organization -CRM is the process of identifying existing and potential customers, attempting to understand them on every level possible, and developing long term relationships with each of them through superior customer experiences with their organization -Many companies, large and small, have committed individuals or even entire departments to the mission of building effective CRM marketing programs

The Competitive Environment

-Particularly harsh these days due in large part to rapid advances in technology, such as online shopping, the presence of Amazon, Craig's List, the trend to buy used and recycled goods, etc. -Competition has ben growing for decades, as more companies believe they must continue to grow bigger as economies of scale are necessary to survive, and to win in the marketplace, they must have more outlets/more locations in as many markets as possible -Shrinking discretionary income of many consumers in the middle and lower economic classes, means that for some product categories, the pie has shrunk and companies must compete for fewer dollars being spent -Number of alternative firms that could provide an offering to satisfy a specific market's needs

Clustering

-Practice of seeking groups of customers that share common traits or behaviors that are important for marketers in that these specific characteristics or behaviors are indicators of a good match for the firm's products

What are Universal Functions of Marketing? (Standardizing & Grading)

-Processes of sorting products by size and quality -Think about agricultural products, and natural resources -For example: -Do you buy medium or large eggs at the grocery store? Regular or organic eggs? Brown or white eggs? What type of gasoline does your car use?

Who Performs Marketing Functions?

-Producers -Wholesalers -Other Specialists -Transport Firms -Retailers -Ad Agencies -Product Testing Firms -Research Firms -Consumers -ISP's

Usage Rate

-Quantity consumed during a specific period -Frequent-flier programs are a popular marketing tool to encourage repeat business and loyalty among a company's client base

S.W.O.T (Strengths & Weaknesses)

-Relate to the internal status of the firm, and show what the company has made of itself to date -Company management must be brutally honest in its assessment of both of these, in order for this tool to be helpful in establishing future goals -Exists currently

Positioning

-Seeks to place a product in a certain position in the minds of prospective customers -Goal is to attach specific features and benefits to a company and product which differentiate it from the competitors in the market

Marketing Micro View

-Set of activities -Performed by individual organizations -Activities that are performed by individual organizations or firms -Individual firms attempt to anticipate consumer wants and needs and provide flows of goods and services to customers

Marketing Macro View

-Social process -Matches supply with demand -Views marketing as a social process that: 1. Accomplishes the objectives of society 2. Effectively matches the supply and demand of goods and services 3. Is concerned with how marketing activities impact society and vice-versa

80/20 Rule

-That 80 percent of a company's sales are obtained from 20 percent of it's customers -This is a very useful tool that seems to relate to many types of product and services businesses

Competitive Advantage

-The firm has a marketing mix that the target market sees as better than a competitor's mix -A better marketing mix offers target customers better customer value -Customers who are not in the target market may not see the marketing mix as offering better value

Living in a Global Marketplace How Has the Macro Economy now Expanded Beyond Our Own National Borders to Include the International Economy?

-The interdependence of the world's economies has become a reality since no one nation is able to produce all of the raw materials and finished products that it's citizens demand -We now have become dependent on imports to satisfy our collective needs and may also need to export large quantities of goods that we are able to produce in quantities beyond our own nation's consumption

Who Performs Marketing Functions? (Producers)

-Those who create and make available physical Products and/or Services (Producers who make physical products are sometimes called manufacturers)

The continuum of environmental sensitivity

-With great opportunities come great risks as well. In evaluating the risks, it is helpful to know that risks tend to vary along a continuum -Risks may include the likelihood of major political changes in a country, demographics such as educational level and income per capita, cultural norms, etc.

What are Universal Functions of Marketing?

1. Buying 2. Standardizing & Grading 3. Financing 4. Risk Taking 5. Market Information 6. Selling 7. Storing 8. Transporting

More Sophisticated Techniques May Help in Segmenting

1. Clustering 2. Customer Databases 3. Customer Relationship Management (CRM)

The Marketing Environment

1. Economic Environment 2. Competitive Environment 3. Technological Environment 4. Customer 5. Political & Legal Environment 6. Cultural & Social Environment 7. Resources & Objective of the Firm

Legal Environment

1. Federal Trade Commission (FTC) 2. Food and Drug Administration (FDA): monitors the safety of the food supply and introduction of new drugs, setting higher quality standards and initiating recalls when deemed necessary 3. Consumer Product Safety Commission (CPSC): Authority to specify safety standards for most products and takes action when perceived problems arise 4. Federal Communications Commission (FCC): Controls the airwaves, monitoring program content and acceptable advertising standards. 5. Environmental Protection Agency (EPA): Protect the environment in such ways as reducing fuel emissions , improving air quality and monitoring water quality

Four bases of segmentation which can be used to segment U.S. consumer markets:

1. Geographic 2. Psychographic 3. Demographic 4. Behavioral -Here we look at various types of behavioral dimensions that are useful because they can lead to specific marketing actions, such as development of a new product, an ad campaign or a new pricing strategy

What Types of Opportunities Can a Firm Pursue

1. Market Penetration: Present products, Present markets i.e. Arm & Hammer promotes new uses of its baking soda 2. Product Development: New products, Present markets i.e. Microsoft develops a new version of its Windows operating system to appeal to the people who bought an earlier version but now want more features 3. Market Development: Present products, New markets i.e. Marriott Hotels target families for weekend get-aways to rent rooms filled by business travelers during the week 4. Diversification: New products, New markets (Most risky) i.e. RJR, the cigarette producer, adds baked goods to its product line to appeal to new customers

Criteria to use in selecting the target markets might include:

1. Market size 2. Expected growth of each market 3. Competition that exists in the market for each segment 4. Cost of reaching each segment 5. Compatibility with your company's resources and objectives

In defining marketing, what are the two alternative views or perspectives to be aware of?

1. Micro View 2. Macro View

Four P's of a Marketing Mix

1. Product 2. Price 3. Place 4. Promotion

Managers Have Different Views of the Market

1. Production-oriented 2. Marketing-oriented

Why is the Four P's concept helpful?

1. Provides an organizing framework 2. Helps to bring many, more detailed decisions together in a logical fashion 3. Focuses thinking on the idea that all marketing decisions must work together as a whole 4. Focuses on a managerial orientation- and what a marketing manager/firm can do about needs of target customers -Think "holistically" about each of the Four P's i.e. A decision to add a warranty to a specific product, falls under the "Product" department's domain, rather than under the Promotion/Advertising" department- warranty becomes an asset or additional feature or benefit of the product, (such as air conditioning in a car) that adds to the value of the product

Seven-step model for segmenting markets

1. Select (name) the broad product-market 2. Identify potential customer needs 3. Form initial homogeneous submarkets 4. Identify determining dimensions 5. Name possible product-markets 6. Evaluate product-market segments 7. Estimate size of each product-market segments -May be helpful in finding the determining dimensions for marketing different types of products

Marketing's Role Has Changed Over Time

1. Simple Trade Era -Focus: Sell Surplus 2. Production Era -Focus: Increase Supply 3. Sales Era -Focus: Beat Competition 4. Marketing Department Era -Focus: Coordinate and Control 5. Marketing Company Era -Focus: Long-Run Customer Satisfaction

What Does A Marketing Plan Spell Out, In Detail?

1. What marketing mix is to be offered 2. To what target market 3. For how long 4, What results are expected 5. What control procedures will be used.

Who is Marketing Important to?

1.Consumer -Informs us of our choices and provides critical information that we need in making our product and service choices -We, as consumers, also bear the costs of marketing indirectly through the price we pay for what we buy 2.Your Job -Each of us must "market ourselves" in order to acquire jobs, promotions, and to negotiate our way in society -Can be applied to personal life and to your own "personal marketing plan" 3.Innovation & Standard of Living -Stimulates research and innovation -Creates new and improved products, services, and ideas -Generates a higher standard of living for all citizens

Many states have appointed or elected commissions that oversee the business practices of utilities and other industries that serve the public interest. For a company operating in one of these industries, dealing with this important state-level regulatory commission is an important element of the: A. Legal environment B. Social environment C. Monopoly environment D. Technological environment E. Corporate environment

A - Legal Environment State-appointed commissions that oversee business practices of utilities and other industries that serve the public interest effect companies in these industries. This is part of the legal environment.

Target Marketing

A marketing mix is tailored to fit some specific target customers

An electronics superstore sends a special coupon to its current customers offering them a special discount for purchases made during an upcoming week that occurs during a traditionally slow sales period. This is an example of: A. Market penetration B. Market development C. Product development D. Diversification E. A breakthrough opportunity

A- Market Penetration Selection 'A' is the best option because the superstore is trying to increase the rate of sales of present products by current customers

General Motors is considering increasing the length of its bumper-to-bumper warranty on new vehicles from 3 years to 5 years. The marketing mix variable being considered here is: A. Product B. Personnel C. Place D. Promotion E. Price

A- Product The four basic variables in the marketing mix are product, place, promotion, and price. Selection 'A' is the best option because warranties fall under the umbrella term of "product". The product area may involve a physical good, a service, an activity or an idea—or a blend of several of these

Ford announced that it would begin offering Bluetooth wireless to help consumers more easily make hands free cell phone calls in their cars. The development of Bluetooth is a significant development in the: A. Technological Environment B. Legal environment C. Corporate environment D. Social environment E. Personal environment

A- Technological Environment Advances in the technological environment have made possible an explosion of high-tech products. The development of Bluetooth technology in vehicles is clearly an example of this.

The Process of Narrowing Down to Target Markets

All Customer Needs ↓ Some Generic Market ↓ One Broad Product-Market ↓ Homogeneous (narrow) Product-Markets ↓ ↓ ↓ single Multiple Combined Target Target Target Market Market Market •The Generic market here is the general transportation market •The Broad Product Market is the motorcycle market. •The Segments of this market are possible types of motorcycle riders Marketers must keep in mind the complexities of consumer behavior and what motivates customers to want or need a product

Chris wants to open a family-oriented restaurant in a thriving suburban area. Chris thinks a sports-based theme and broad menu will be attractive to the large number of families in the area. However, national chain restaurants, such as Chili's, TGI Friday's, and Applebee's already draw large followings in the area. The existence of these chain restaurants is a significant: A. Competitive opportunity B. Monopoly C. Competitive barrier D. Opportunity E. Competitive environment

C- Competitive Barrier In his competitor analysis, Chris has identified three national chain restaurants that are already in his area and have established clientele. The existence of these restaurants is a condition that may make it difficult for Chris' proposed restaurant to compete. The best answer selection is 'C'. Chili's, TGI Friday's and Applebee's are competitive barriers for entry into this market with a restaurant of Chris' description.

What are Universal Functions of Marketing? (Market Information)

Collection, analysis, and dissemination of all the information a marketer needs in order to plan, implement, and control all the marketing activities

Rising interest rates can slow the housing market in the United States, slowing business for real estate developers, mortgage lenders, and construction firms. This is a trend in the: A. Competitive environnent B. Technological environment C. Cultural environment D. Economic environment E. Legal environment

D- Economic Environment Changes in the economy are often accompanied by changes in the interest rate. In the above question, the changes in the housing market (because of changing interest rates) are trends within the economic environment

The pastor of a new church decides to start prospecting for new members. He focuses first on people who live within a mile radius of the church, and contacts them via mail and by visiting them door-to-door. He then moves on to people who live from one to two miles away from the church, then two to three miles away, and so on, up to a limit of ten miles away. The pastor appears to be focusing on a __________ segmenting dimension. A. Behavioral B. Demographic C. Benefit D. Geographic E. Relationship

D- Geographic The pastor is segmenting potential church members based on physical location in proximity to the church. This proximity to the church is a geographic segmenting dimension

A moderately-priced jewelry store is trying to differentiate itself from other jewelry stores. The store prices products somewhat lower than the super-premium jewelry stores, but offers better products and services than low-end jewelry stores provide. The market situation this store faces sounds most like: A. Pure competition B. Monopoly C. Oligopoly D. Monopolistic competition E. Oligopolistic competition

D- Monopolistic Competition There are three different jewelry stores discussed (low-end, moderately-priced, and super-premium). Each store differs on pricing, quality of merchandise, and services. In monopolistic competition, a number of different firms (at least three different jewelry stores mentioned) offer marketing mixes that at least some customers see as different

Production infrastructure:

Does the organization possess the production capability and talent to pursue a specific objective? Making changes is not only expensive but can be costly in terms of the time investment

The Federal Trade Commission informed Tropicana that it would have to stop advertising that one of the benefits of "heart-healthy" Tropicana orange juice was to lower blood pressure. For Tropicana, this situation was a significant development in the: A. Economic environment B. Social environment C. Competitive Environment D. Internal company environment E. Legal environment

E - Legal Environment The Federal Trade Commission investigates unfair methods of competition. This governmental body operates in the legal environment

The "product space" graph (perceptual map) resulting from a positioning study for shampoo shows a substantial target market that is currently served by only one product—"Exotic Balsam." Which of the following is a reasonable course of action for a competing manufacturer? A. Develop a new product to compete with Exotic Balsam. B. Look for an area on the map where there is a smaller target market that is not served by any current products. C. Attempt to reposition a current product as an alternative to Exotic Balsam. D. Do a broader analysis that includes an examination of customer needs and attitudes. E. Any of the above might be reasonable, depending on the circumstances.

E- Any of the above might be reasonable, depending on the circumstances. Perceptual mapping graphically displays consumer views on competing products based on two product features. It is a tool that can help managers understand how customers see their market (p. 113). Positioning analysis of this sort focuses on specific products and features. Thus a manager might need to cast a wider net and evaluate customer-related dimensions before moving forward. In the above question, selection 'E' is the best option because all of the scenarios presented could be reasonable courses of action with a perceptual map result such as the one described in the question

A S.W.O.T. Analysis

Helpful tool used by managers in many and varied industries identifies and lists the company's: Strengths (Internal) Weaknesses Opportunities (External) Threats -Great way to get a high-level view of a company's current status -Indicator of a company's health in the present moment

Perceptual Map

Identify three important things: 1. What are the most important features/benefits a customer looks for in a product? 2. Who are the current competitors in the market and how are they perceived? 3. Does the information on the map indicate an area of potential growth for a company (i.e. no competition) or a need for a marketer to reposition its product (too much competition)? -map shows the two determining characteristics that many customers use when selecting a brand/Co -The closer that any two dots are to each other, the more alike those brands are to the average customer -The circles relate to the size of the market for that combination of attributes

What are Universal Functions of Marketing? (Buying)

Includes looking for and evaluating goods and services needed by consumers, and then procuring those needed resources

The "Micro-Macro Dilemma"

Looks at the fact that what is good for some producers and customers may not be good for society as a whole

Economic System

Method an economy chooses to allocate its scarce resources in its production and consumption

What are Universal Functions of Marketing? (Financing)

Needed to provide the cash and credit to produce, transport, store, advertise, sell and buy products

Firm's Profit

Often measured in terms of return on investment

Who Performs Marketing Functions? (Retailing)

Refers to all of the activities involved in the sale of products to final consumers

Who Performs Marketing Functions? (Wholesaling)

Refers to the activities of those persons or establishments that sell to retailers and other merchants, or to industrial, institutional, and commercial users, but who do not sell in large amounts to final customers

Production-Oriented Managers

Sees everyone as basically similar and practices "mass marketing"

Markting-Oriented Managers

Sees everyone as different and practices "target marketing"

Financial resources available:

Some objectives are more costly than others i.e. Kodak company, who planned to reenergize itself for the new age of digital cameras, a project of immense capital expenditure. In order to accomplish this objective, Kodak had to sell or restructure existing business divisions to provide the $300 million to develop and market new products, such as their pocket video camera.

Idea of Exchange

Trade of things of value between buyer and seller so that each is better off after the trade

Competitive Advantage Requires that the Firm..

Understand current competitors' offerings -Anticipate competitors' likely plans -Monitor effects of changes in competition -Really understand the target customers' needs

Mass Marketing

Vaguely aims at everyone with the same marketing mix

Expenditure Patterns

Vary with different income levels, but how? -As household income increases: A. Smaller percentage of expenditures is spent on food. B. The percentage spent on housing, household operations, and clothing remains constant C. The percentage spent on other items, such as recreation, travel and education increases

S.W.O.T (Opportunities)

What are opportunities that may exist for the company to take advantage of? (A major competitor has announced it is going out of business, etc.) -Probabilities in the future

Marketing strengths:

What are the competitive advantages the company can rely on, such as possessing a familiar brand (brand loyalty), strong channel relations i.e. relationships in place with distributors and stores, and/or possessing a professional selling team

S.W.O.T (Threats)

What are threats the company is exposed to, or will likely be exposed to in the future? (rising gas prices which will affect transportation costs, an impending labor strike, a recession, etc.) -Probabilities in the future

A Marketing Plan

Written statement of a marketing strategy and the time related details for carrying out the strategy