3 - Setting Marketing Objectives

Question 1

What Are The 5 Marketing Objectives?

Answer 1

~ Sales volume and value.
~ Market size.
~ Market and sales growth.
~ Market share.
~ Brand loyalty.

Question 2

One Marketing Objective Is Sales Volume, What Does This Mean?

Answer 2

The amount of sales expressed as a number of units sold.

Question 3

One Marketing Objective Is Sales Value, What Does This Mean?

Answer 3

The amount of sales expressed as the total sum of money spent by consumers.

Question 4

One Marketing Objective Is Market Size, What Does This Mean?

Answer 4

The total sales value or volume in a given market.

Question 5

What Is The Formula For Market Size?

Answer 5

Number Of Units Sold x Price

Question 6

One Marketing Objective Is Market And Sales Growth, What Does This Mean?

Answer 6

The percentage increase in the size of the market by value or volume over a period of time.

Question 7

What Is The Formula For Market Growth?

Answer 7

Change In Size Of Market / Original Size x 100

Question 8

One Marketing Objective Is Market Share, What Does This Mean?

Answer 8

Is the proportion of total market sales that a firm has.

Question 9

What Is The Formula For Market Share?

Answer 9

Business A Sales / Market Sales x 100

Question 10

One Marketing Objective Is Brand Loyalty, What Does This Mean?

Answer 10

Exists when customers keep returning to buy a recognised brand.

Question 11

What Are The Internal Influences On Marketing Objectives?
(4 Points)

Answer 11

~ Finance.
~ HR.
~ Operational issues.
~ Corporate objectives.

Question 12

What Are The External Influences On Marketing Objectives?
(4 Points)

Answer 12

~ Competitor actions.
~ Market factors.
~ Technological change.
~ Ethical and environment influences.