SWOT analysis
A critical look at one's company and its business environment, or the market in which it operates.
Environmental scan
An analysis of outside influences that may have an impact on an organization. (PEST analysis)
Marketing plan
A formal written document that directs a company's activities for a specific period of time. It communicates the goals, objectives, and strategies of a company.
Executive summary
A brief overview of an entire marketing plan along with an explanation of costs involved in implementing the plan.
Situation analysis
The study of the internal and external factors that affect marketing strategies. This is where the SWOT and environmental scan are used.
Marketing strategy
Identifies target markets and sets marketing mix choices that focus on those markets. The customer's needs and wants must be heavily considered.
Sales forecasts
The projection of probable, future sales in units or dollars. Looking into the future and estimating what sales might be.
Performance standard
An expectation for performance that reflects the company's marketing plan objectives.
Mission statement
A short, specific written statement of the reason a business exists and what it wants to achieve.
Objectives
Lets everyone know what the marketing plan will accomplish. It must be specific, realistic, measurable, and have a time frame.
Product positioning
To set the product apart from the competition. It is the efforts a business makes to identify, place, and sell its products in the marketplace.
PEST
a methodical look athe world in the areas of political, economic, socio-cultural, and technological.
Competitive advantage
The key points of difference a company has over its competition in terms of product, quality, service, choices, hours of operation, and so on.
Needs and wants
All company strategies must have considered this about their customers or potential customers.
Proactive
Taking the initiative by acting rather than reacting to events - taking steps to act in advance of a threat or to put a plan in place to make the most of an opportunity.
O & T
External factors, things you cannot control.
S & W
Internal factors, things you can control.