Chapter 2 Marketing Plan Review

Grouping people with similiar lifestyles, opinions, values, and attitudes

Analyzing outside influences that may impact an organization

During a SWOT analysis, the external analysis focuses on

The largest generation in the US

The four factors used to segment a market are geographics, demographics, behavioral and

Market segmentation based on where people live

Independent and children of dual career households or divorced parents

Money left over after paying for basic living necessities; pays for luxury and premium products

Classifying peole who form a market into smaller groups

80% of your sales comes from 20% of your sales force

Critical examination by a business of itself and its business environment

Age and income used to segment a market is called a psychographic segmentation

A PEST analysis is an analysis of company internal strengths & weaknesses

Using a single marketing strategy to reach ALL people

What is the goal of market segmentation?

An internal analysis focuses on company, competition and

During a SWOT analysis, the internal analysis focuses on a companies

study of internal & external factors affecting marketing strategies

Market segmentation based on statistics of a population in terms of personal characteristics

Money left after taking out taxes; pays for products of necessity