business
- Created by: steph
- Created on: 27-06-13 10:42
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- Analysing markets and marketing
- the challenge for any business is to gain a detailed understanding of the fundimentals of a market. which includes...
- how big is the market?(measured by sales/ volume)
- how fast is the market growing and what is the market growth potentional?
- the key social,economic, political/legal and technological factoes which drive change in a market
- who are the existing competitiors and what aket shares do they have.
- the extent of branding and customer loyaly in the market
- how the market is segneted to meet different customer needs.
- customer preferences in terms of what and where they buy, what prices they pay and what methods of promotion are effective.
- the process of analysing a market should not be seen as a one off. an efective marketing team are constantly searching
- forcasting sales for new products or investments into new markets
- to support a new marketing stratergie or significant changes to the marketing objectives
- to help make decisions in relation to significant organisational or oporational change
- the challenge for any business is to gain a detailed understanding of the fundimentals of a market. which includes...
- the process of analysing a market should not be seen as a one off. an efective marketing team are constantly searching
- forcasting sales for new products or investments into new markets
- to support a new marketing stratergie or significant changes to the marketing objectives
- to help make decisions in relation to significant organisational or oporational change
- test marketing
- one way to gather information about the revenue potentional for a new or inproved product is to trial it on a test market
- advantages
- reduces risk of a full-scale launch
- data provided is from actual customer spending
- oprovides a way to tweek the marketing mix before full launch
- this involves launching th product in small part (usually geographic) part of the tarket market prior to a main roll-outor launch. the aim of a test market is to gatheras much information as possible about the elemants of the maketing mix including:
- the promitional mesagesand media spent
- the distribution channels
- the product
- disadvantages
- test matket may not be representative of the full target market, leading to inapropriate decisions.
- delays in full launch amy limit the revenue opportunity in markets sbjected to rapid changes
- this involves launching th product in small part (usually geographic) part of the tarket market prior to a main roll-outor launch. the aim of a test market is to gatheras much information as possible about the elemants of the maketing mix including:
- the promitional mesagesand media spent
- the distribution channels
- the product
- Correlation
- negative correlation= the the indepandant vale increases but the dependand falls.
- possitive corellateion= the both the variables rise.
- dependant variable, the one being influencess (y-axis)
- independant carible, the factor which causes the other to change (x-axis)
- correlation is usually measure by using a scatter diagram
- this looks at the strength of the relationship between two veriables
- no correlation = no discernible realationship between the two variables
- trend analysing
- using IT to analyse markets
- technology is used in all industrises, it's avalible to
- competitiors in the market
- technology is used in all industrises, it's avalible to
- Qualitative data
- hunch- is more than a guess and can be descibed as an educated guess.
- Delphi- involves getting a group of marketing expertsto provide an opintionon the forcasting task
- used when
- the is little accurate histrical data avalible eg. new product
- when a market is subject to wide fluctuations in demand
- where a market experiences significant change
- using IT to analyse markets
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