| A | B |
|---|
| Product Portfolio | All of the products a company has available for customers at any one time. |
| Direct Competition | A situation in which two or more businesses offer products or services that are essentially the same; as such, the businesses are competing for the same potential market |
| Indirect Competition | This is the conflict between businesses whose products or services are not the same but that could satisfy the same consumer need. |
| nonprice competition | When a business decides to emphasize other factors in the marketing mix besides price. |
| Examples of nonprice competition | Technological innovations, product features, customer service, or unique advertisements. |
| positioning statement | The specific description of the unique qualities of a product's marketing mix. |
| executive summary | This is placed at the front of the marketing plan to present a short, concise restatement of its contents. |
| Mission statement | This describes the nature of the business and the reason that the company exists. It is located in the situational analysis section of the marketing plan. |
| situational analysis section | Includes the mission statement and information about the current conditions of the business. |
| Marketing strategies section | Describes the target market and the marketing mix- product or service, price, distribution, and promotion. financing and risk management plans are also discussed. |
| Implementation section | This describes how the marketing plan will be put into action. It includes tasks to be completed, communication procedures to be followed, sales strategies to be used, and guidelines for review and evaluation of the plan. |
