Section3 Flashcards
Marketing plan
A detailed, fully researched written report on marketing objectives and the marketing strategy to be used to achieve them
Made up of:
- purpose+ mission
- situational analysis
- marketing objectives + strategies
- marketing mix tactics
- marketing budget
- executive summary
Pest
Political
Economic
Social
Technological
SWOT analysis
Strength
Weakness
Opportunities
Threats
New product development
The design, creating and marketing of new goods and services
Test marketing
Launch of a product on a small-scale market to test consumers reactions to it
Research and development
Scientific research and technical development of new products/processes
Sales forecasting
Predicting future sales levels and sales trends
Sales-force composite
Method of sales forecasting, bringing all the individual predictions of future sales of 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
Uses the specialists within a business to make forecasts for the future
Trend
Underlying movement in a time series
seasonal fluctuations
Regular and repeated variations that occur in sales data within a period of 12 months
Cyclical fluctuations
Variations in sales that occur over periods of time of much more than a year and are due to the business cycle
Random fluctuations
Can occur at any time, will cause unusual sales figures
Income elasticity of demand
Measures the responsiveness of demand for a product following a change in consumers incomes
% change in demand for product
% change in consumer incomes
Value and its meaning :
X>0 ~ normal or superior good X<0 ~ inferior good
