Marketing strategies glossary

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Marketing objectives
The goals of the marketing function which come from, and are designed to achieve, the corporate objectives
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Market analysis
A detailed examination of the features of a market such as market size and sales used to predict future trends
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Moving average
A technique for identifying an underlying trend by smoothing out fluctuations in data
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Trend
A general direction in which something tends to move, eg. Sales are increasing
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Extrapolation
A prediction of a future trend based on an identified current trend
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Correlation
An apparent relation between two factors which can be either positive or negative
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Marketing data
Information gathered about the response to the marketing activities of a business
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Test marketing
To replicate all elements of a product launch including promotion, distribution and price, to geographic region or demographic group to judge the viability of the product in the market before a full-scale launch
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Ansoff's matrix
A way of classifying marketing strategies in terms of existing and new products in existing and new markets. The degree of risk involved in each strategy is an important element of analysis
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Market penetration
When a firm increases the sales of its current products to existing customers or attracts new customers from its competitors in the market
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Product development
Offering new and improved products to existing markets
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Market development
Finding new markets for existing products either by selling abroad or by identifying a new segment of the domestic market
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Diversification
Offering a new product in a new market
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Marketing plan
Written details of the activities to be used to carry out the marketing strategy
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SWOT analysis
A method of analysing the current situation by examining the internal strengths and weaknesses of the business and the opportunities and threats of the external environment
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Situation analysis
An assessment of the business, its customers, competitors and the business environment
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Marketing tactics
The marketing mix activities undertaken to achieve a chosen marketing strategy
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Card 2

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A detailed examination of the features of a market such as market size and sales used to predict future trends

Back

Market analysis

Card 3

Front

A technique for identifying an underlying trend by smoothing out fluctuations in data

Back

Preview of the back of card 3

Card 4

Front

A general direction in which something tends to move, eg. Sales are increasing

Back

Preview of the back of card 4

Card 5

Front

A prediction of a future trend based on an identified current trend

Back

Preview of the back of card 5
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