Marketing Planning – Review
Define each of the following terms, using your notes or the Internet. After you have defined the term, find a visual example of the term and copy/paste it next to or below the definition.
SWOT Analysis
PEST Analysis
Marketing Plan
Executive Summary
Situation Analysis
Marketing Strategy
Sales Forecasts
Performance Standard
Market Segmentation
Demographics
Disposable Income
Geographics
Psychographics
Mass Marketing
Answer each question with a complete answer.
1. How does a SWOT analysis relate to the goals of a marketing plan?
2. Why must the objective of a marketing plan be single-minded, specific, realistic, measurable, and time-framed?
3. How are the uses of demographic segmentation different from or similar to the uses of geographic segmentation?
4. Based on your activities, interests, and attitudes, what is your psychographic profile?
5. What are the benefits and risks of using mass marketing in a market that has a variety of potential customers?
6. How might marketers use information from the U.S. Census or World Factbook to help them segment a market?
7. Why is it important to monitor customer satisfaction and competitors’ products in a market?
8. What questions will help a company complete a PEST scan?