8: Analysing markets and marketing

Question 1

Market analysis:

Answer 1

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

Question 2

Moving average:

Answer 2

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

Question 3

Trend:

Answer 3

A general direction in which something tends to move, e.g. sales are increasing.

Question 4

Extrapolation:

Answer 4

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

Question 5

Correlation:

Answer 5

An apparent (statistical) relation between two factors (variables) which can be either positive or negative.

Question 6

Marketing Data:

Answer 6

Information gathered about the response to the marketing activities of a business.

Question 7

Test market:

Answer 7

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.