Term
|
Definition
| the 4 elements of marketing combined. product, price, place, and promotion |
|
|
Term
|
Definition
| the goods, services, or ideas a business will offer its customers |
|
|
Term
|
Definition
| the amount of money a business asks in exchange for its products |
|
|
Term
|
Definition
| getting a selected product in the right place at the right time |
|
|
Term
|
Definition
| letting customers know the products' value and benefits that fir the customers' needs and refers to various types of communication that marketers use to inform, persuade, or remind customers about their product |
|
|
Term
|
Definition
|
|
Term
|
Definition
| the plan of action or road map of the business to accomplish its marketing goals |
|
|
Term
|
Definition
| specific actions that a business uses to carry out its marketing strategies |
|
|
Term
|
Definition
| a customer or potential customer |
|
|
Term
|
Definition
| the customers the company desires to reach |
|
|
Term
|
Definition
| designing products and directing marketing activities to appeal to the whole market, everyone |
|
|
Term
|
Definition
| uses the division of a total market into smaller, more specific groups |
|
|
Term
|
Definition
| the division of a market on the basis of where the consumer is located - grouping customers based on where they live |
|
|
Term
|
Definition
| to divide a market based on the consumers' response to the product |
|
|
Term
|
Definition
| serves as an intro to the market plan and helps the reader to understand the purpose of the marketing plan. contains a brief overview of the marketing plan and focuses only on the most important parts of the plan |
|
|
Term
|
Definition
| an assessment of where the organization currently stands internally and externally. to develop this assessment much analysis must be done: an external analysis, a customer analysis, an internal analysis, a SWOT analysis. the organization's products, target markets, distribution channels, competitors, finances and SWOT must all be considered |
|
|
Term
| Marketing Goals and Objectives |
|
Definition
| define what the business hopes to accomplish. the marketing objectives, which should be measurable and specific, spell out how to meet those goals |
|
|
Term
| Marketing Strategies and Programs |
|
Definition
| provides detailed info about the organization's planned marketing mix |
|
|
Term
|
Definition
| provides details on the expected expensesand profits of the plan's programs |
|
|
Term
| Performance and Implementation |
|
Definition
| explain their expected results and indicate how the marketing plan's progress will be measured. als describes potential changes and adjustments that can be made to keep the marketing plan on track |
|
|
Term
|
Definition
| performance standards against which to measure the marketing plan and company performance. also provides info on what actions should be taken if the marketing goals and objectives are not met |
|
|
Term
|
Definition
| includes any charts, graphs, or miscellaneous materials related to the marketing plan |
|
|
Term
|
Definition
| dividing a market by its physical and social characteristics |
|
|
