Business study unit 3 definitions

HideShow resource information
Coporate objective
A target for the whole business e.g growth or improve profitability
1 of 20
Funcional objective
A target for one of the businesses departments e.g a marketing objecive to enter new markets
2 of 20
Marketing objectives
The targets of the marketing departments e.g launch new products
3 of 20
Marketig tactics
Short term marketing steps adopted to implement the marketing strategy e.g the marketing mix activities untertaken to achive a chosen stragergy
4 of 20
Market analysis
The process of analysing the size , structure and growth of a market in order to support marketing decisions
5 of 20
Average
A term for various measures of central tendacy including the mean mode and median
6 of 20
Moving average
A method to calculae the trend that exiss within a series of data over time.It involves smoothign out the erratic and seasonal factors to reveal the underlying trend
7 of 20
Back Data
Past research finidings or sale figures which can be used to predict the future.Usually the starting point of a Planning process
8 of 20
Correlation
An apparent elatio between two factors which can be either positive or ngative
9 of 20
Extrapolation
Projecting a trend forward into the future to predic for example sales.Using the past to predict the future.
10 of 20
Trend
The underlying pattern of growth or decline within a series of data
11 of 20
Sales forecast
A prediction of the levek of slaes revenue for individual products or the whole organisation
12 of 20
Test Marketing
Launching a new product or service in a limited par of the target market in order to gauge the viability of the product and acess the most appropriae marketing mix
13 of 20
Situational analysis
Builds on SWOT and the market research to create a picture of the business situation: internal resources and processes of the business , customer demand and behaviour , competitor actvity and technological developments , market
14 of 20
PESTLE
A method of analysing the external enviroment by checking political , economic, social ,technological , legal and economic issues facing the firm
15 of 20
Product positioning
The way in which the marketing function tries to create an image or identity in the minds of target market
16 of 20
Repositioning
Changing the marketing mix for a prduct to appeal to a different market segment
17 of 20
Competitive advantage
Skills competencs resources and other advantages that enable a firm to outperform its rivals
18 of 20
Marketing plan
A statmen of the oranisations current marketing position and future stragegies and a detailed examination of the tactics it will use to implement he plan and achive its objectives
19 of 20
Marketing budget
The amount of money a firm allocates for spending on is marketing activity
20 of 20

Other cards in this set

Card 2

Front

A target for one of the businesses departments e.g a marketing objecive to enter new markets

Back

Funcional objective

Card 3

Front

The targets of the marketing departments e.g launch new products

Back

Preview of the back of card 3

Card 4

Front

Short term marketing steps adopted to implement the marketing strategy e.g the marketing mix activities untertaken to achive a chosen stragergy

Back

Preview of the back of card 4

Card 5

Front

The process of analysing the size , structure and growth of a market in order to support marketing decisions

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Marketing and competitive environments resources »