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

Number of units of a product or service sold by a company over a specific period.

Question 3

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

Answer 3

Total revenue generated from selling goods or services over a specific period.

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

Tendency of consumers to continuously purchase the same brand’s products or services over time rather than switching to competitors.