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Marketing
Chapter 2 Vocabulary

1. SWOT analysis

A process where a business analyzes its strengths, weaknesses, opportunities, and threats.


2. Environmental scan

A business may conduct an environmental scan to methodically examine the four
main areas of the market place.

3. Marketing plan

Plan that marketers create to get goals across to others.


4. Executive summary

Briefly summarizes the marketing plan.


5. Situation analysis

Studies the internal and external factors that affect marketing strategies based on SWOT
analysis.


6. Marketing strategy

Identifies the target market and sets marketing mix choices.


7. Sales forecast

Prediction of sales for a product.


8. Performance standard

Measure progress against the planned original objectives.


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9. Market segmentation

Companies identify groups of people who have similar interests and traits.

10. Demographics

Statistics that describe a population in terms of personal characteristics.

11. Disposable income

The income left after using discretionary income.

12. Discretionary income

The income a person has to use on essentials.

13. Geographics

Segmentation of the market based on where people live.

14. Psychographics

Grouping people with similar activities, attitudes, values, and beliefs.

15. Mass marketing

Marketing to a very large number of people.



Marketing Chapter 2 The Marketing Plan
Introduction: Brainstorm a list of 5 companies that you would consider successful. Then answer
the following questions:

1. List the companies below.
Google, Nike, Microsoft, Comcast, Direct Tv

2. Why did you place those companies on your list?
These companies are very successful and have a good market share in their respected
business.

3. Do any of them dominate the market? Why or Why not?
Google definitely dominates the search engine market, they have 67% share on it.
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Chapter 2 Outline
2.1 - Marketing Planning
I. SWOT analysis is a process where a business analyzes its strengths, weaknesses,
opportunites, and threats.

A. Internal Strengths and weaknesses

1. Company analysis What a company does well? And what areas are
weak?

2. Staff-Related analysis Companys mission statement? Experience of
executives?

3. Financial questions Profit, sales, and history.

4. Production capability questions adjustments in productions, and
changes in technology?

5. Four ps of the marketing mix the company must also consider the
foru ps of marketing mix

6. Customer analysis companies use surveys or conduct interviews

7. Competitive Position Market share? Advantages over its
competitors.

Independent Practice

1. Find 3 online sites or surveys that rate products or services.
IMDb, Yelp, Trip Advisor.
2. List the web addresses for each site below
http://www.tripadvisor.com/ http://www.imdb.com/ http://www.yelp.com/
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3. How do companies use this information and feedback generated on these sites in
formulating their own marketing plan?
They use information generated from the feedback of the customers to improve their
products.


B. External Opportunities and Threats.
1. Competition changes in competing companies financial situations

2. An environmental scan is a scan by a business to examine the four
main areas of the marketplace.


3. P. Political Political issues center around government laws and regulations

4. E. Economic Unemployment rate, inflation, retail sales figures, productivity

5. S. Socio-Cultural it focuses on customers attitudes, lifestyles, and opinions

6. T. Technological changing technology may be a problem for some, but an opportunity for others.



Futura Fashions Case Study

Internal Strengths Internal Weaknesses
100 store chain that caters to a
teenage market
Hired an experienced fashion buyer
and merchandise manager




Loss of buying and
merchandising
External Opportunities External Threats
Consumer confidence is good Areopostale, American Eagle
Constantly changing market.


II.
Marketers create a marketing plan to communicate aspects such as:
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Company Goals
Specific Responsibilities
Budgets and deadlines
Overall performance

A. Elements in a Marketing Plan
1. An executive summary briefly summarizes the marketing plan

2. The situation analysis studies the internal and external factors that
affect marketing strategies based on the SWOT analysis.

3. Goals and Objectives Defines specific goals to be met ( read page 35)



4. A marketing strategy identifies target markets and sets marketing mix choices.
The strategy is determined by the companys or products competitive position and the
SWOT analysis.
5. Implementation: Make the Plan, Work the Plan

` A timetable shows where the plan comes into play, such as:

Schedule of activities
Job assignments
Sales forecasts
Budgets and Personnel

6. . Evaluation and Control TO evaluate how well a marketing plan is being
carried out, performance standards measure progress against the planned original
activities

7. Performance Standards and Evaluation tells how the marketing plan will be
evaluated and any new measures

8. Appendix Supplemental materials.




Section 2.2 Notes

2.2 Marketing Segmentation
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I. Identifying and Analyzing Markets

Companies identify groups of people who have common interests and traits. This is
called

A. Demographics
1. Age

2. Gender

3. Income

4. Marital Status Married couples. 49.7% of the population

5. Ethnic background African Americans, Hispanics.

B. Geographics refers to segmentation of the market based on where people live. To segment a market
geographically, you can refer to: Local and regional markets, National and Global markets



C. Physchographics involves grouping people with similar


1. Activites

2. Attitudes

3. Personality and Values advanced psychographics


D. Behavioral

1. How marketers use consumers behavioral patterns

E. Mass marketing versus Segmentation
1. A new marketing trend