SWOT
What component of a marketing plan would be the most useful to evaluate a businesses’ current situation and where that business stands in comparison to its competitors?
What is SWOT analysis
A marketing term that refers to the act of putting prospective buyers into groups. It seeks to identify targeted groups of consumers for the purpose of tailoring products/services to their specific wants and needs.
What is Market Segmentation
The four elements that make up the marketing mix are:
What is product, place, price, and promotion
What does SMART goals stand for?
What is Specific, Measurable, Attainable, Realistic, Time Bound
Where buyers and sellers agree on a price
What is Equilibrium Price
Financial statement that reflects probability by summarizing revenue and expenses for the year or accounting period
What is an Income Statement
When conducting a SWOT analysis, you must consider two internal factors:
What is Strengths and Weaknesses
A particular group of consumers that a product or service is aimed at
What is a Target Market
A ____________is anything offered to a market by the business to satisfy needs, could include physical products or intangible services.
What is Product
What sets apart one business from another.
What is Competitive Advantage
As the price of a product or service increases, supply increases
What is the Law of Supply
The amount of money a business gets in for their products or services
What is Revenue
Your biggest competitior just created and introducted to the market a cutting edge technology that has made their product more efficient for consumer use.
What is a Threat
Income level belongs to what Customer Profile Category
What is Demographics
Many movie theatres charge a lower admission between 4:00 p.m. and 6:00 p.m. to encourage more people to come at that time. What element of marketing is the focus of this strategy?
What is Price
Something to have completed in one year or less
What is Short-term goals
The government paying people for producing good
What is Subsidy
Revenue - Expenses, money made during a year in a business
what is net income
What are the external factors you can not control?
What is Opportunities and Threats
A customer profile may include 4 categories
What is Demographics, Pyschographics, Behavioral, and Geographics
Goods, services, and ideas are examples of:
What is a Product
"Summary of the aims and values of a company, organization or individual" What is this called?
What is a Mission Statement
Quantity demanded is greater than Quantity Supplied
What is a Shortage
All direct costs associated with selling products to generate revenue
What is Cost of Goods Sold (COGS)
Your PR agent just received news of a consumer need in the market and they were the first to hear about it. What is this an example of?
What is an Opportunity
Marketers often segment the product on how often a customer uses the product. Usage rate is a _____________ variable
What is Behavioral
Which marketing mix element deals with communication between producers and consumers?
What is promotion
"A roadmap for introducing and delivering a product or service to potential customers." What is this called?
What is a Marketing Plan
If the market price is above or below the equilibrium price, the market is in
What is disequilibrium
Revenue - COGS =
What is Gross Profit