business

HideShow resource information
  • Created by: steph
  • Created on: 27-06-13 10:42
View mindmap
  • 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 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
      • 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
  • Untitled

Comments

No comments have yet been made

Similar Business resources:

See all Business resources »See all jhl; resources »