Ch.2 Flashcards
What are the four components of a PEST Analysis?
Political, Economical, Social, and Technological
Separating large groups into smaller groups based on characteristics.
Market Segmentation
Singe marketing strategy to grab all customers; universal appeal
Mass Marketing
What are the components of a SWOT analysis?
Strengths, Weaknesses, Opportunities, and Threats
A formal written document communicating the goals, objectives, and strategies of a company
Marketing Plan
What 3 areas does a company focus on when conducting a SWOT analysis
Consumer, customer, company
Why is a PEST and SWOT important?
The PEST scans the outside influences of an organization and a SWOT shows the company’s strengths and weaknesses.
Statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background, education, and occupation.
Demographics
Money left after paying for basic living necessities; this is what some call “fun money”
Discretionary Income
Classifying consumers based on similar attitudes, values and interests
Psychographics
Statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background, education, and occupation.
Demographics
Used to create a clear picture of the target market
Customer Profile
Putting the marketing plan into action and managing it
Implementation
