Marketing planning Flashcards
Marketing plan
a detailed, fully researched written report on marketing objectives and the marketing strategy to be used to achieve them. Should include:
- purpose of the plan and the ‘mission’
- where the firm is now
- where it aims to get to
- turning the strategy into the appropriate marketing tactics
- the budget required
- executive summary
Income elasticity of demand
measures the responsiveness of demand for a product following a change in consumer incomes.
= % change in demand for the product / % change in consumer incomes
Promotional elasticity of demand
measures the responsiveness of demand for a product following a change in the amount spent on promoting it.
= % change in demand for the product / % change in promotional spending
Cross elasticity of demand
measures the responsiveness of demand for a product following a change in the price of another product.
= % change in demand for good A / % change in price of good B
New product development (NPD)
the design, creation and marketing of new goods and services.
Test marketing
the launch of the product on a small- scale market to test consumers’ reactions to it.
Test marketing
the launch of the product on a small- scale market to test consumers’ reactions to it.
Research and development
the scientific research and technical development of new products and processes.
Sales forecasting
predicting future sales levels and sales trends.
Delphi method
a long-range qualitative forecasting technique that obtains forecasts from a panel of experts.
Delphi method
a long-range qualitative forecasting technique that obtains forecasts from a panel of experts.
Sales-force composite
a method of sales forecasting that adds together all of the individual predictions of future sales of all of the sales representatives working for a business.
