Marketing Strategies

The definitions that are needed for marketing strategy questions

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Ansoff's Matrix

A model that helps businesses analyse ways in which to grow the business. There are four strategies: Penetration, Market Development, Product Development and Diversification.

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Measure the relationship between an independent and a dependent variable. The relationship can be: Positive or Negative, Strong or Weak.

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The riskiest strategy on the Ansoff Matrix, which includes entering new markets with a new product.

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Market Development

Selling existing products to a new market.

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The less risky strategy of the Ansoff Matrix. This includes selling existing products to an existing market.

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Product Development

Selling a new product to an existing market.

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Using past trends to make future predictions.

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A general direction that something tends to move.

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Sales Forecasting

Estimating the future likely sales of a product/service.

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

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Marketing Budget

Specific amount allocated to the marketing department.

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Marketing Plan

The actions the marketing department will take to achieve its marketing objectives.

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Product Positioning

The way the marketing department tries to portray an image in the minds of the target market.

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Market Analysis

Analysing the size, structure and growth of a market to support market decisions.

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Market Share

The proportion of the market revenue or sales volume held by a business or brand.

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Growth Rate

Percentage growth over a period of time. Usually annually.

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Moving Average

Calculation to "smooth" fluctuations in data to show a trend average.

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Competitive Advantage

Advantages such as skills, competences, resources etc that out-perform a businesses competitor.

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This is a set of 18 revision cards which outlines the main requirements for marketing strategy. More detail will need to be added but this is a good start point.

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