Plans
Designed to achieve the long-term goals of an organization.
Strategic Plan
Process of gathering and analyzing information about markets, customers, industry trends, new technology, and competing businesses to help plan for the future of the organization
Market Analysis
Process of setting goals and objectives and deciding how to accomplish them.
Planning
SWOT & PEST are examples of ___________ tools
Planning
_____________ research: Data already collected and recorded by someone else.
Secondary
Identifying who is responsible for strategies, a timeframe for action, and resources needed.
Organizational Strategy
Information provided by marketing research.
Market Intelligence
Two or more businesses attempting to attract the same customers.
Competition
Shows whether sales are increasing or decreasing and helps determine future sales goals.
Sales Analysis
____________ research: First-hand research conducted by a researcher.
Primary
A written document that describes a business, how it operates, and how it makes a profit.
Business Plan
Total sales per year for a specific product held by all the competing businesses.
Market Size
Prediction of future sales based on past sales and market analysis for a time period.
Sales Forecast
What the business aspires to accomplish.
Vision Statement
____________ research: Gathering and analyzing information to help make sound marketing decisions.
Market
Activities needed to implement strategic plans defined by senior management
Tactical Plan
The max number of customers and amount of sales that can be generated from a specific segment in a defined timeframe.
Market Potential
Tool used to compare strengths and weaknesses of a business with those of competing businesses.
Competitive analysis
SWOT stands for:
Strengths, Weaknesses, Opportunities, Threats
Competitive Advantage: Offering a __________ value.
Better
A backup plan that outlines alternative courses of action to take if other plans prove unproductive or circumstances beyond control change.
Contingency Plan
Percentage of sales in a market held by one business.
Market Share
Integrated system of computer hardware & software that presents the sales analysis in a manner to be used in decision-making processes.
Management Information System (MIS)
S.M.A.R.T stands for:
Specific, Measurable, Attainable, Realistic, Timely
The money that a business makes from the goods and services it sells.
Revenue