29/3/23

Question 1

What are Marketing Objectives?

Answer 1

Goals of the marketing function in an organisation

Question 2

What’s the 2 types of marketing objectives?

Answer 2

Functional + Corporate

Question 3

What are some Internal factors affecting marketing Objectives ?

Answer 3

Finance
Resources
Capabilities of the workforce

Question 4

What are some External influences on Marketing Objectives?

Answer 4

Suppliers
Ethical Factors
Tech Change
Competitors actions

Question 5

Name the 7p’s in the marketing mix

Answer 5

Product
Price
Production
Promotion
Physical Enviroment
Place
Process

Question 6

What is an effective marketing mix?

Answer 6

Meets custom needs/ balanced + Consistent/ Archives marketing objectives

Question 7

What are the influences of targeting?

Answer 7

Missions + Objectives, Degree Of Competition, Level Of Demand

Question 8

What is niche and Mass marketing?

Answer 8

Niche- firm targets a small segment/Market

Mass- firm Targets wide variety of audiences

Question 9

What does the Boston growth measure?

Answer 9

Market growth and high market share

Question 10

What are the components of the Product life cycle?

Answer 10

Intro
Growth
Maturity
Decline

Question 11

What’s the formula for Labour Productivity?

Answer 11

Output per period
Divided by
Number Of employees employed during that period

Question 12

What is Job Enrichment?

Answer 12

Gives workers more interesting, Challenging work

Question 13

What’s Job Enlargement

Answer 13

Delegating more similar tasks to an employee

Question 14

What is the Margin Of Safety?

Answer 14

Amount between actual output and break even?

Question 15

What is the break even equation?

Answer 15

Actual output - break even output

Eg:
Break even number of items= 800
Firm is actually selling 1200

1200-800 = 400