Marketing - Module 1

How many sections are there in a marketing plan?

6

Offering

A product or service, along with its price, offered by a company to consumers.

SWOT analysis

An analysis of the external and internal environment of a business by looking at its strengths, weaknesses, opportunities, and threats.

In which four ways can a company deliver value to a consumer?

Creating, communicating, delivering, exchanging

Marketing potential and sales potential are key numbers when doing what?

Forecasting Sales

Marketing

Meeting a need by creating, communicating, delivering, and exchanging a product or service that is of value to consumers.

Marketing Mix (4 P's)

Product, Price, Place, Promotion, which are the factors a company must address to meet the needs of a target market.

Which section of the marketing plan is a compilation of all of the sections?

The Executive Summary

Marketing Plan

The outline of expectations and responsibilities for an offering, including the business challenge, the market conditions, the strategy, and the budget requirements.

Sales Potential

The percentage of the market potential a company plans to capture with an offering during a specific time period.

Sales Forecast

The process of estimating the revenue an offering will generate through the use of various forecasting methods.

Market Potential

The total revenue estimation for an industry during a specific time period.

What is the primary reason executives read a marketing plan?

To gain information for making budgeting decisions

True or False? Marketing plans are often developed by a team with various specialties.

True

True or false? All of the following can use marketing: for-profit organizations, nonprofit organizations, government entities, and individuals.

True

Which term fulfills this equation "benefits received - (price + hassle) = _____"?

Value

Which of these is a reason to study marketing?

t delivers value to the company and consumer.