Marketing Analysis Flashcards
price elasticity of demand
a measure of the responsiveness of demand for a product following a change in its price
income elasticity of demand
a measure of the responsiveness of demand for a product following change in consumer incomes
inferior good
a product that experiences an increase in demand when consumer income falls
promotional elasticity of demand
a measure of the responsiveness of demand for a product following a change in the amount spent on promoting it
new product development
the design, creation and marketing of new goods and services
research and development
the scientific research and technical development of new products and processes
test marketing
the launch of the product on a small - scale market to test consumers’ reaction to it
sales forecasting
predicting future sales levels and sales trend
trend
the underlying movement of data overtime
seasonal fluctuation
the regular and repeated variations that occur in sales data within a period of 12 months
cyclical fluctuation
variations in sales over periods o time of much more than a year which are due to the business cycle
random fluctuating
variations that occur at any time and cause unusual and unpredictable sales figures, due to events such as exceptionally poor weather or negative public image
qualitative sales forecasting
predictions about future sales which use expert judgement instead of numerical analysis
sales force composite
a method of sales forecasting that adds together the individual predictions of future sales from all the sales representatives working for a business
Delphi method
a long - range qualitative forecasting technique that obtains forecasts from a panel of experts
jury of experts
a method that uses the specialists within a business to make forecasts for the future
