Business plan
detailed written statement that describes that nature of the business, the target market, the advantages
the business will have over competition, the resources and owners' qualifications
SWOT analysis
analyzes the Strengths, Weaknesses, Opportunities, Threats of an organization
Strategic planning
setting of a broad, long range goals by top managers, determines major goals of the organization and
the policies, procedures, strategies and resources it will need to achieve them
Tactical planning
identification of specific, short range objectives by lower level managers. Consists of detailed, short term
statements about what is to be done, who is to do it, and how
Operational planning
setting of work standards and schedules necessary to implement the company's tactical objectives
Top management
highest level, consists of the president, vice presidents, and other key company executives who develop
strategic plans
Secondary data
existing data that has previously been collected by sources like the government. Secondary data incurs
no expense and is usually easily accessible. Doesn't always provide all the needed information for
marketers
Primary data
in depth information gathered by marketers from their own research. Can be expensive and time
consuming
Production era
"produce what you can because the market is limitless"
Selling era
Persuading people to buy
Marketing concept era
customer orientation(finding what they want and providing it), service orientation(making sure
everyone is committed to customer satisfaction), profit orientation(focusing on the goods and services
that will earn the most profit)