BUSS3

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Ansoff's Matrix:
A strategic model for helping a business analyse the relationship between general strategic direction and suitable marketing strategies
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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 it (positive or negative) between an independent variable and a dependent variable
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Customer relationship management (CRM):
The process of building a long-term, profitable relationship between a business and its customers
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Diversification:
The strategy of trying to enter new markets with new products (from Ansoff 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 market in order to support marketing decisions
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Market development:
A growth strategy where the business seeks to sell its existing products into new markets - e.g. exporting (from Ansoff matrix)
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Market penetration:
A relatively low-risk growth strategy where a business focuses on selling existing products into existing markets (from Ansoff 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 series and “smoothes" the fluctuations in data to show a trend average
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Product development:
A growth strategy where a business aims to introduce new products into existing markets (from Ansoff 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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Repositioning:
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 future periods
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Target market:
The market segment or segments which a business is attempting to enter with 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 tends to move
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Other cards in this set

Card 2

Front

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

Back

Competitive advantage:

Card 3

Front

A measure of how close the relationship it (positive or negative) between an independent variable and a dependent variable

Back

Preview of the back of card 3

Card 4

Front

The process of building a long-term, profitable relationship between a business and its customers

Back

Preview of the back of card 4

Card 5

Front

The strategy of trying to enter new markets with new products (from Ansoff matrix)

Back

Preview of the back of card 5
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