| A | B |
|---|
| target market | a group of people identified as those most likely to become customers. |
| psychographics | involves studies of consumers based on social and psychological characteristics (lifestyles, attitudes, values, and opinions). |
| geographics | segmentation of the market based on where people live. |
| SWOT Analysis | a method of analyzing Strengths, Weaknesses, Opportunities, and Threats (strengths/weaknesses=INTERNAL analysis; opportunities/threats=EXTERNAL analysis). |
| marketing plan | formal, written document that directs a company's activities for a period of time. |
| executive summary | part 1 of marketing plan; provides a brief overview of entire marketing plan including costs. |
| situation analysis | study of the internal and external factors that affect marketing strategies. |
| marketing strategy | identifies target markets and sets marketing mix choices that focus on those markets. |
| PEST (environmental scan) | Is an analysis of outside influences that may have an impact on an organization. It is also referred as PEST-political economic, social-cultural and technological factors. |
| market segmentation | classifying people who form a given market into even smaller groups. |
| demographics | statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background, education, and occupation. |
| disposable income | money left after taking out taxes. |
| discretionary income | money left after paying for basic living necessities such as food, shelter, and clothing. |
| mass marketing | using a single marketing strategy to reach all customers. |
| performance standard | Is an expectation for performance that reflects the plan's objective. |
| strengths and weaknesses | this half of the SWOT involves an internal analysis. |
| opportunities and threats | this half of the SWOT involves an EXTERNAL analysis. |
