3.1a Marketing Objectives

Question 1

Marketing definition

Answer 1

The anticipating and satisfying of customers’ wants in a way that delights the consumer and meets the needs of the organisation

Question 2

Marketing objectives definition

Answer 2

Goals of the marketing function in an organisation

Question 3

Marketing objectives

Answer 3

1. Sales volume/value
2. Market size
3. Market growth
4. Sales growth
5. Market share

Question 4

Brand definition

Answer 4

Name, sign, symbol, design or slogan linked to a particular product in order to differentiate it from it’s competitors

Question 5

Brand loyalty definition

Answer 5

Measure of the degree of attachment that a consumer has for a particular brand

Question 6

Advantages of a strong brand

Answer 6

• Inspires customer loyalty
• Can charge higher prices
• Spend less money on advertising

Question 7

Advantages of setting marketing objectives

Answer 7

• SMART ensures consistency between objectives
• Provides clarity for employees
• Improves efficiency

Question 8

Disadvantages of setting marketing objectives

Answer 8

• External changes are not easy to predict
• Unclear priorities
• May not have sufficient marketing budget

Question 9

Internal factors on marketing objectives:

Answer 9

• Corporate objectives
• Finance
• Human resources

Question 10

External factors on marketing objectives:

Answer 10

• State of the economy
• Technology
• Competitors