BUSS 3 Key Terms

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Ansoff's matrix

A strategic model for helping a business analyse the relationship between general strategic desicon and suitable marketing strategies.

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Average

A term for various measures of central tendancy, including the mean, mode and median.

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Competitive advantage

Skills, competences, resources and other advantages that enable a business to out perform its competition.

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Correlation

A measure of how close the relationship is (positive or negative) between an independant variable and dependant varaible.

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Customer relationship managment (CRM)

The process of building a long term, profitable relationship betwen a business and its customers.

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Diversification

The relatively risky strategy of trying to enter new markets with new products

Comes from Ansoff's matrix

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Extrapolation

The use of trends established by historical data to make predictions about future values.

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Growth rate

The percentage growth over a particular period, market growth rates are typically quoted in terms of percentage growth per year.

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Market Analysis

The process of analysing the size, structure and growth of a markert in order to support marketing desicions.

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Market development

A growth strategy where the business seeks to sell its existing products in to new markets e.g. exporting

Ansoff's matrix

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Market penetration

A relatively low risk growth strategy where a business focuses on selling existing products into exisiting markets.

Ansoff's matrix

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Market share

The proportion of a market revenue or sales volume that is captured by a business or brand.

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Marketing budget

Specific amounts that are allocated to activities in the marketing plan.

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Marketing plan

The actions that management intend to take via the marketing mix in order to achieve marketing objectives

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Moving average

A calculation that takes a data serries and smoothes the fluctuations in date to show a trend average.

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Product development

A growth strategy where a business aims to introduce new products in exisiting markets

Ansoff's matrix

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Product positioning

The way in which the marketing function tries to create an image or identity in the minds of the target market

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Reposititioning

Changing the marketing mix for a product to appeal to a different market segment

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Sales forecasting

Techniques for estimating the likely demand (revenue and volume) for a product in the future periods.

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Target market

The market segment or segments which a business is attempting to enter wth the chosen marketing mix.

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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.

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Trend

A general direction in which something trends to move.

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