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Marketing Chapter 2
marketing chapter 2 test
| Question | Answer |
|---|---|
| Appendix | Section of the marketing plan that includes supplemental materials |
| Baby Boom Generation | Born in the US between 1946-1964. Collectively their income and spending power increases as they get older |
| Behavioral | Segmenting the market based on product-related behavior, such as on-line shoppers who are confident core users, cautious shoppers, and technology skeptics. |
| Company Analysis | includes a review of staff, the company's financial situation, it's production capabilities, and each aspect of the marketing mix. |
| The three C's that the internal analysis centers around | Company, customers, & competition |
| Six ways that companies can look for opportunities to create competitive advantage due to external factors | Competition, environmental scan, political, economic, socio-cultural, and technological |
| Customer Profile | A combination of geographic, demographic, and psychographic data about a group of people can be used to create this |
| The Caucasian population in the United states is______________ | Decreasing |
| Demographics | Refers to statistics about the personal characteristics of a population, such as age, gender, income, ethnic background, education, and occupation. |
| Four ways a marketer can segment a market | Demographics, geographics, psychographics, behavioral |
| Discretionary Income | The money left after paying for basic living necessities such as food, shelter, and clothing. |
| Disposable Income | The money left after taking out taxes |
| Environmental scan | An analysis of outside influences that may have an impact on an organization. A methodical look at the world that typically includes political, economic, socio-cultural and technological makes up the _________________ |
| Executive Summary | Briefly addresses each topic in the plan and gives an explanation of the costs involved in implementing the marketing plan |
| Generation X | Of the three generation groups discussed in the text, which most appreciates advertising that includes sharp images, music, and irreverent humor. Children of dual-career households or divorced parents. |
| Generation Y | Also known as the Echo Boomers or millennium generation. More racially and ethnically diverse. Almost all of this generation has emails and surfs the web so they receive a lot of information via the internet. |
| Geographics | Information about where people live |
| Ethnic populations other than Caucasian are _______________ | Increasing |
| Market | People with common needs and purchasing abilities |
| Marketing mix | Marketing mix A combination of four strategies used to market a product |
| Marketing Concept | The idea that businesses must satisfy customers' needs and wants in order to make a profit |
| Marketing Plan | Formal written document that directs a company's activities for a specific amount of time |
| Marketing strategy | Identifies target markets and sets marketing mix choices that focus on those markets |
| Market Segmentation | Separating a large group of potential customers into smaller groups based on particular characteristics |
| Mass marketing | involves using a single marketing strategy to reach all customers |
| Niche marketing | In advertising, companies will use different models or themes to reach different segments of the market. |
| Objectives | Lets everyone know what the marketing plan will accomplish. Must be single-minded, specific, measurable and have a time frame. |
| Performance standard | an expectation for performance that reflects the plan's objectives. |
| Psychographics | Information about the values and attitudes that shape consumers' lifestyles is called |
| Sales forecast | The projection of probable future sales in units or dollars |
| Situation analysis | The study of the internal and external factors that affect marketing strategies |
| S.W.O.T. | Strength, Weaknesses, Opportunity, Threats |
| Target Marketing | Creating a plan to meet the needs and desires of a specific group of a potential customer |
| 80/20 rule | 80 percent of customers sales are generated by 20 percent of its loyal customers |
Created by:
averyc
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