Marketing Strategies Key Terms

Marketing aims: the broad, general goals of the marketing function within an organisation.

Marketing objectives: the specific, focused targets of the marketing function within an organisation.

Marketing strategies: the medium to long-term plans designed to achieve the firm’s marketing objectives.

Marketing tactics: short-term marketing measures adopted to meet the needs of a short-term threat or opportunity.

Market analysis: the study of market conditions to assist a firm’s plans.

Test marketing: launching a product into a small part (geographical area) of the target market in order to assess its viability and likely success before launch.

Sales forecast: predicting the level of sales revenue for individual products or for the organisation as a whole.

Moving average: calculating the mean for a set of data which covers a defined period of time in order to identify a trend.

Trend: the underling pattern of change indicated within a set of numerical data.

Extrapolation: a statistical process of using previous trend-lying data to predict values in the future.

Correlation: a statistical technique which identifies the strength of the relationship between two variables.

Qualitative forecasting: methods of prediction that are based on personal opinions.

Product differentiation: the degree to which consumers see a particular brand as being different from other brands.

USP: a feature of a product or service that allows it to be differentiated from other products.

Diversification: a strategy used that involves launching new products in new markets.

Marketing plan: a statement detailing a firm’s marketing objectives and marketing strategies as well as an examination of the tactics that that it will use to achieve its objectives.

Marketing budget: the amount of money that a firm allocates to spend on marketing activities.