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
Promotional elasticity of demand
Measures 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 price of another product
% change in demand for good A
% change in price of good B
Value and its meaning:
X>0 ~ substitute good X<0 ~ complementary goods
Globalisation
Growing trend towards worldwide markets in products, capital and labour, unrestricted by barriers
Free international trade
International trade that is allowed to take place without restrictions such as ‘protectionist’ tariffs and quotas
Tariff
Tax imposed on an imported product
Quota
Physical limit placed on the quantity of imports of certain products
International marketing
Selling products in markets other than the original domestic market
Pan-global marketing
Adopting a standardised product across the globe as if the entire world were a single market
Global localisation
Adapting the marketing mix, including differentiated products, to meet national and regional tastes and cultures
