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Buss3 A2 Key Terms

Marketing

QuestionAnswer
The goals of the marketing function which come from, and are designed to help achieve, the corporate objectives. Marketing objectives
A detailed examination of the features of a market such as market size and sales used to predict future trends. Market analysis
A technique for identifying an underlying trend by smoothing out fluctuations in data. Moving average
A general direction in which something tends to move, e.g. sales are increasing. Trend
A prediction of a future trend based on an identified current trend. Extrapolation
An apparent (statistical) relation between two factors (variables) which can be either positive or negative. Correlation
Information gathered about the response to the marketing activities of a business. Marketing data
To replicate all elements of a product launch including promotion, distribution and price, to a geographic region or demographic group to judge the viability of the product in the market before a full-scale launch. Test market
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 the analysis. Ansoff’s matrix
When a firm increases the sales of its current products to existing customers or attracts new customers from its competitors in the market. Market penetration
Offering new and improved products to existing markets. Product development
Finding new markets for existing products either by selling aboard or by identifying a new segment of the domestic market. Market development
Offering a new product in a new market. Diversification
Written details of the activities to be used to carry out the marketing strategy. Marketing plan
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. SWOT analysis
An assessment of the business (see SWOT analysis), its customers, competitors and the market environment. Situation analysis
The marketing mix activities (price, place, product and promotion) undertaken to achieve a chosen marketing strategy. Marketing tactics
Created by: carole appleton