3.1 Setting Market Objectives Flashcards
Define marketing
The way a business communicates with the public in order to create or increase sales
Purpose of marketing
To increase sales by identifying, anticipating and satisfying customers requirements profitably
What is a market
Where buyers and sellers transact
Process of setting objectives (marketing department)
- Define main goal
- Outline the objectives
- Break out objectives into tasks
- Tie tasks to dates
What are key marketing objectives
- Sales growth (%)
- sales volume (number of products)
-sales value (£)
-launching new products
-entering new markets - Market share increases
- Brand loyalty increase
What is marketing
The way a business communicates with the public in order to create or increase sales
What is the purpose of marketing
Increase sales by identifying , anticipating and satisfying customers requirements profitably
What is a market
Where buyers and sellers transact (eg. Fashion market , hospitality market)
Process of setting objectives
- Define main goal
- Outline the objectives
- Break out objectives into tasks
- Tie tasks to dates
What are some key marketing objectives
Sales growth (%)
Market share increase
Brand loyalty increase
What is a monopoly
Where there is 1 dominant business in a market
What is an oligopoly
Where there are 2-3 dominant businesses in a market
What is a saturated market
A full market (therefore slow growth)
What is TAM and what will it determine
Total available market
Will determine the potential number of customers
What 3 ways can market size be measured
Number of customers , volume (units sold) , value (revenue)
