Environment of Marketing - MKMS1U1

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What is SWOT analysis?

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A strategic planning tool used to identify strengths, weaknesses, opportunities, and threats related to business competition or project planning.

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What is marketing planning?

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The process of developing strategies and defining goals to effectively promote and sell products or services.

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What are marketing strategies?

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Plans of action designed to promote and sell a product or service.

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What is market segmentation?

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The process of dividing a broad consumer or business market into sub-groups of consumers based on some shared characteristics.

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What is target marketing?

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A marketing strategy that focuses on a specific group of consumers who are most likely to buy the product.

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What is the marketing mix?

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A set of actions or tactics that a company uses to promote its brand or product in the market, typically defined as the 4 Ps: Product, Price, Place, and Promotion.

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What is mass marketing?

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A market coverage strategy in which a firm decides to ignore market segment differences and appeal the whole market with one offer or one strategy.