Marketing Analysis Flashcards
Market analysis
Examines conditions of the market
Price elasticity of demand
The responsiveness of demand to a change in price ( all other factors unchanged )
Price elastic demand
Means that the impact of this change in price would lead to a larger change in the quantity demanded ( all other factors unchanged )
Price inelastic demand
Means that the impact of a change in price leads to a smaller change in the quantity demanded
Total revenue
The income generated from sales
( selling price x units sold )
Research and development
Is the generation and application of scientific knowledge to create a product or develop a new production process which can increase the firms productive efficiency
Sales forecast
Is an estimate of the volume or value of a firms sales in the future
Extrapolation
Involves identifying the underlying trend in past data and estimating the future trends.
Correlation
Occurs when there are apparent links between variables
Eg. Promotional spending and sales
Marketing plan
Sets out the marketing objectives, strategy, budget and the activities necessary to achieve its objectives
Protectionism
Occurs when a government protects domestic producers against foreign competitors
Tariffs
Are taxes placed in foreign goods and services being imported into another country
Quotas
Are limits in the number of foreign goods and services that can be imported into a country
World trade organisation
Is an organisation of countries aimed at reducing protectionism across the world
Economic collaboration
Occurs when countries make trade easier between each other
