Marketing Management Indicator 1.03 Vocabulary

1. Marketing Management Indicator 1.03 Vocabulary Employ marketing-information to develop a marketing plan

2. Words to Know • Marketing Plan – a set of procedures or strategies for attracting the target customer to a business. • Situation Analysis – the determination of a firm’s current marketing situation. • Business opportunity – external factors for success that will affect the operation of the business • Business threat – external factors that are out of the business’s control, and can directly or indirectly affect is chances of success. • Business environment –all those factors that affect a company's operations, and includes customers, competitors, stakeholders, suppliers, industry trends, regulations, other government activities, social and economic factors and technological developments.

3. Words to Know • Economic development – Progress in an economy or general improvement in living standards. • Technological change – A change in a production function that alters the relationship between inputs and outputs • Economic change – change in the economy • Environmental scanning/monitoring – the process of collecting information about the external marketing environment to identify and interpret potential trends. • Sales forecast – Projection of achievable sales revenue, based on historical sales data, analysis of market surveys and trends, and salespersons' estimates. • Qualitative forecasting – Estimating method that relies on expert human judgment combined with a rating scale, instead of on hard (measurable and verifiable) data • Quantitative forecasting – Estimating method that relies on hard (measurable and verifiable) data