BUSS 3 Key Terms

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

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

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

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

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

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

Comes from Ansoff's matrix

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

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

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

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

Ansoff's matrix

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

Ansoff's matrix

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

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

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

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

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

Ansoff's matrix

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

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

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

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

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.

A general direction in which something trends to move.