Ch.2 PEST & SWOT Analysis Flashcards
The process of putting the marketing plan into action and managing it
Marketing Implication
Concentrating all marketing efforts in a defined market
Niche Marketing
Separating large groups into smaller precise groups based on characteristics
Marketing Segmentation
The process of scanning of outside influences on an organization
PEST Analysis
Single marketing strategy to grab all customers; universal appeal
Mass Marketing
What three areas do you focus on when conducting a SWOT Analysis
Customer, Consumer, Company
Why is PEST and SWAT so important?
The PEST scans the outside influences of an organization and a SWOT scans a 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
Separating large groups into smaller precise groups based on characteristics
Market Segmentation
Money left after paying for basic living necessities (clothes, food, shelter, and water); this is what some call “fun money”
Discretionary Income
Classifying consumers based on similar attitudes, values and interests
Psychographics
The four components of PEST
Political, Economical, Social, Technical
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
