BUSS3 Key Term Glossary: Marketing Strategies

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Anonymous
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BUSS3 Key Term Glossary: Marketing Strategies
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2014-05-02 14:46:13
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business term
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BUSS3 Key Term Glossary: Marketing Strategies
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  1. Ansoff’s Matrix
    A strategic model for   helping a business analyse the relationship between general strategic   direction and suitable marketing strategies
  2. Average
    A term for various measures   of central tendency, including the mean, mode and median
  3. Competitive advantage
    Skills, competences,  resources and other advantages that enable a business to out-perform its   competition
  4. Correlation
    A measure of how close the   relationship it (positive or negative) between an independent variable and a   dependent variable
  5. Customer relationship   management (CRM)
    The process of building a   long-term, profitable relationship between a business and its customers
  6. Diversification
    The relatively risky   strategy of trying to enter new markets with new products (from Ansoff   matrix)
  7. Extrapolation
    The use of trends   established by historical data to make predictions about future values
  8. Growth rate
    The percentage growth over   a particular period.  Market growth   rates are typically quoted in terms of percentage growth per year
  9. Market analysis
    The process of analysing   the size, structure and growth of a market in order to support marketing   decisions
  10. Market development
    A growth strategy where the   business seeks to sell its existing products into new markets - e.g.  exporting (from Ansoff matrix)
  11. Market penetration
    A relatively low-risk   growth strategy where a business focuses on selling existing products into   existing markets (from Ansoff matrix)
  12. Market share
    The proportion of a market   revenue or sales volume that is captured by a business or brand
  13. Marketing budget
    Specific amounts that are   allocated to activities in the marketing plan
  14. Marketing plan
    The actions that management   intend to take via the marketing mix in order to achieve marketing objectives
  15. Moving average
    A calculation that takes a   data series and “smoothes” the fluctuations in data to show a trend average
  16. Product development
    A growth strategy where a   business aims to introduce new products into existing markets (from Ansoff   matrix)
  17. Product positioning
    The way in which the   marketing function tries to create an image or identity in the minds of the   target market
  18. Repositioning
    Changing the marketing mix   for a product to appeal to a different market segment
  19. Sales forecasting
    Techniques for estimating   the likely demand (revenue and volume) for a product in future periods
  20. Target market
    The market segment or   segments which a business is attempting to enter with the chosen marketing   mix
  21. Test marketing
    Launching a new product or   service in a limited part of the target market in order to gauge the   viability of the product and assess the most appropriate marketing mix
  22. Trend
    A general direction in   which something tends to move

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