Marketing ch 16

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Marketing ch 16
2012-09-21 11:54:05
16 Marketing Plan

Ket terms
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  1. SWOT analysis
    An acronym for strengths, weaknesses, opportunities, and threats, the SWOT analysis is a tool that frames the situational analysis.
  2. causality
    The relationship between two variables whereby one variable is a direct consequence of the other.
  3. control
    (a) The degree to which you can manipulate an outcome; (b) the degree to which you can separate the effects of a variable on a consequence.
  4. correlational analysis
    A form of trend analysis that estimates sales based on the trends of other variables.
  5. executive opinion
    A forecasting method in which an executive or group of executives provides a best estimate of what will be sold or what will happen.
  6. expert opinion
    A forecasting method in which the forecast is based on an objective third-party expert’s best estimate of what will happen in the market and how that will influence sales.
  7. exponential smoothing
    A method of trend analysis forecasting that weights more recent periods of time more heavily than more distant periods of time.
  8. fidelity
    The degree to which a plan is implemented as intended.
  9. judgment techniques
    Forecasting methods that rely on someone’s estimate(s).
  10. leading indicator
    A correlate that occurs before the variable being forecasted (e.g., permits to build new houses is a leading indicator of building material sales because permits are issued before the materials are purchased).
  11. managerial control
    The ability to manipulate variables, such as how a marketing plan is implemented.
  12. market potential
    Total industry-wide sales expected in a particular product category for the time period of interest.
  13. market test
    The test launch of a product’s complete marketing plan to ensure that it reaches buyers, gets positive reactions, and generates sales of the product.
  14. marketing audit
    A snapshot of the state of the company’s marketing strategies as they are actually implemented; an examination of the implementation of a marketing plan to determine if it was implemented properly and if it was successful.
  15. marketing plan
    A document that is designed to communicate the marketing strategy for an offering. The purpose of the plan is to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ensure the plan is a success.
  16. moving average
    A trend analysis type of forecasting method that estimates sales (or other variable) based on an average rate of change over a group of previous periods of time; the rate changes (moves) as the oldest period is dropped off and the most recent period added in.
  17. response models
    Sophisticated statistical models used in forecasting that are based on how customers have responded in the past to marketing strategies.
  18. sales force composite
    An estimate of future sales based on the sum of estimates from all of the company’s salespeople.
  19. sales potential
    The maximum total revenue a company hopes to generate from a product or the number of units of it the company can hope to sell.
  20. statistical control
    Mathematically removing the influence of a variable on an outcome so as to isolate the cause of a problem.
  21. trend analysis
    A group of forecasting methods that base the future period of sales (or another variable) on the rate of change for previous periods of time.