3.1 Setting Market Objectives

Question 1

Define marketing

Answer 1

The way a business communicates with the public in order to create or increase sales

Question 2

Purpose of marketing

Answer 2

To increase sales by identifying, anticipating and satisfying customers requirements profitably

Question 3

What is a market

Answer 3

Where buyers and sellers transact

Question 4

Process of setting objectives (marketing department)

Answer 4

1. Define main goal
2. Outline the objectives
3. Break out objectives into tasks
4. Tie tasks to dates

Question 5

What are key marketing objectives

Answer 5

1. Sales growth (%)
   - sales volume (number of products)
   -sales value (£)
   -launching new products
   -entering new markets
2. Market share increases
3. Brand loyalty increase