Marketing Essentials

Section 1: Marketing Planning

After You Read Online Action

Reviewing Key Terms and Concepts

1. A SWOT analysis is a critical examination by a business of itself and its business environment. It is helpful because it enables a business to prepare for and deal with threats and weaknesses, as well as provide guidance and directions.
2. When a company conducts a SWOT analysis and an environmental scan, it can develop strategies to deal with its weaknesses and challenges and best use its strengths and opportunities.
3. The evaluation and control phase of a marketing plan assesses how well the company has met its objectives. This phase also sets the stage for the next marketing plan.

Integrating Academic Skills

4. 1,524,600; 1,386,000 X .10 = 138,600; 138,600 + 1,368,000 = 1,524,600
5. In times of a healthy and robust economy, businesses are more likely to invest in n ew products and markets; in an economy is either in or heading toward a recession, marketing plans may be placed on hold, changed, or dismissed altogether until the economy improves.