3.1a - Marketing Objectives

Question 1

Marketing definition

Answer 1

The anticipating and satisfying of customer wants in a way that delights the customer and meets the needs of the organisation

Question 2

Examples of marketing objectives:

Answer 2

• Sales volume
• Sales value
• Sales growth
• Market size
• Market growth
• Market share

Question 3

Brand definition

Answer 3

A name, sign, symbol or design linked to a particular product in order to differentiate it from its competitors

Question 4

Brand loyalty definition

Answer 4

The degree of attachment that a consumer has for a particular brand

Question 5

Internal factors on marketing objectives:

Answer 5

• Corporate objectives
• Finance available
• Human resources available

Question 6

External factors on marketing objectives:

Answer 6

• State of the economy
• Technology
• Competitors

Question 7

Advantages of having a strong brand:

Answer 7

• Customer loyalty
• Charge higher prices
• More retailers will want to stock your products
• Spend less on advertising

Question 8

Advantages of setting market objectives:

Answer 8

• Clarity for employees
• Employees working towards a common purpose
• Improved efficiency

Question 9

Disadvantages of setting market objectives:

Answer 9

• External changes can be unpredictable
• Marketing objectives may conflict
• May not have a sufficient marketing budget