BS4 (Marketing)

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  • Created by: Krish25
  • Created on: 18-04-15 00:25
Ansoff's matrix
A marketing planning tool that helps a business determine its product and and market growth strategy.It is a good tool when helping a business determine how far to take a risk.
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Market penetration
A growth strategy where the business focuses on selling existing products into existing markets.
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Market development
A growth strategy where the business seeks to sell its existing products into new markets.
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product development
A growth strategy where the business aims to introduce new products into existing markets.
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Diversification
A growth strategy where a business markets new products in new markets.
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Price elasticity of demand
Measures the change in demand for a good or service that results from a change in the price of the good.It measures how responsive demand is to changes in price.
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Income elasticity of demand
Measures the change in demand for a good or service that has been caused by a change in peoples income. It measures how responsive demand is to changes in income.
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Index number
A simple way of showing %changes in a set out data overtime.Index numbers are used as a method to help a business analyse and interpret data.
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Sales forecast
A sales forecast is an attempt by management to estimate the likely revenues of a product,business unit or market over a future period.It is part of the marketing planning process.
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Extrapolation
Extrapolation is the use of trends established by historical data to make predictions about future values.
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Moving average
Used to smooth out data which either contains seasonal variations or is erratic. It is one way of looking at underlying trends.
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Lead indicator
Changes in the economy, or within markets, that indicate a future effect on a firm’s own market.
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Delphi method
The carefully selected experts answer questionnaires in two or more rounds. Rather than getting experts to meet face-to-face,the chosen experts are sent a survey or questionnaire by (post or email).
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Intution
Intuition (sometimes called a "hunch" or a "gut feeling") is a way of making decisions based on a manager's experience rather than qualitative analysis.
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Brainstorming
Brainstorming is a group technique for generating new,useful ideas and promoting creative thinking.The basis of the brainstorm is the "problem statement" this will be the focus of discussions.
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Primary market research
Research that is collected first hand for a specific purpose.
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Secondary market research
Data that already exists and which has been collected for a different purpose.
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Test marketing
This involves selling a new product in a small section of the market in order to assess customers reactions.
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Asset led marketing
When a businesses bases its marketing mix on what the business sees as its internal strengths.
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Market led marketing
When a business bases its marketing mix on its perception of what the market wants.
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Marketing planning
A systematic approach to the development of a marketing strategy and the achievement of goals.
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Market plan
A detailed account of the company's marketing at present,what it wants to be in the future and how it intends to change it.
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Marketing budget
The amount of money that a business allocates to spend on marketing activities.
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Other cards in this set

Card 2

Front

A growth strategy where the business focuses on selling existing products into existing markets.

Back

Market penetration

Card 3

Front

A growth strategy where the business seeks to sell its existing products into new markets.

Back

Preview of the back of card 3

Card 4

Front

A growth strategy where the business aims to introduce new products into existing markets.

Back

Preview of the back of card 4

Card 5

Front

A growth strategy where a business markets new products in new markets.

Back

Preview of the back of card 5
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