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| Situation analysis is the study of the internal and external factors that affect marketing strategies. |
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| A Marketing Strategy identifies target markets and sets marketing mix choices that focus on those markets. |
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| This part of the marketing plan outlines a schedule of activities,jobs assignments, Sales forecasts (the projection of probable, future sales in units or dollars), budget details of each activity, and who will be responsible for each activity. |
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| A Performance standard is an expectation for performance that reflects the plan's objectives. |
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| Demographics refers to statistics that describe a population in terms of personal characteristics such as age, gender, income, martial status, ethnic background education, and occupation. |
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| Disposable income is the money left after taking out taxes. |
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| Discretionary Income is the money left after paying for basic living necessities such as food, shelter, and clothing. |
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| the term Geo graphics refers to segmentation of the market based on where people live. |
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| Psychographics involves grouping people with similar lifestyles, such as shared attitudes, values, and opinions. |
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| Mass Marketing involves using a single marketing strategy to reach all customers. |
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| An Economy, or economic system, is the organized way a nation provides for the needs and wants of its people |
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| Resources are all the things used in producing goods and services. |
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| Economists use the term Factors of production when they talk about resources. |
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| Capital includes infrastructure, which is the physical development of a country. |
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| Entrepreneurship refers to the skills of people are willing to invest their time and money to run a business. |
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| The difference between wants and needs and available resources is called Scarcity. |
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| In a Traditional economy , traditions and rituals answer the basic questions of what, how, and for whom. |
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In a Pure market Economy, there isno goverment involvment in ecoonmic decisions.
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| A Command Economy is a system in which a country's goverment maeks economic decisions and decides what, when and how much will be produced and distributed. |
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| Productivity is output per worker hour that is measured over a defined period of time, such as a week, month, or year. |
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| Gross Domestic Product (GDP) |
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| Gross Domestic product (GDP) is the output of goods and services produced by labor and property located within a country. |
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| Gross national product (GNP) |
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| Gross National Product (GNP) is the total dollar value of goods and services produced abroad by U.S. citizens and companies. |
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| Inflation refers to rising prices. |
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Term
| Consumer Price Index (CPI) |
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Definition
| The Consumer Price Index (CPI) measures the change in price over a period of time of some 400 specific retail goods and services used by the averae urban household. |
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| Producer Price Index (PPI) |
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| The Producer Price Index (PPI) measures wholesales price levels in the economy. |
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| These recurring changes in economic activity are called the Business Cycle.. |
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| Expansion is the time when the economy is flourishing, sometimes ferferred to as a low period of prosperity. |
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A Recession is a period of economic slow down that lasts two quarters, or six months, according to financial experts.
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| Depression is a period of prolonged recession. |
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Recovery is the term used to signify a period of renew econonmic growth following a recession or depression.
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