3.2 - Marketing Objectives

Question 1

What are the Key Marketing Objectives?

Answer 1

Sales targets
Market Share targets
Introducing a new market
Entering a new market
Increasing Brand Loyalty

Question 2

Describe what happens when there is Level of Competition?

Answer 2

The more competitors there are in the market, the more difficult it is

Question 3

What is Forcely Competitive Marketing?

Answer 3

Many businesses competing

Question 4

What is Monopoly?

Answer 4

Market dominated by one business

Question 5

What is Oligopoly?

Answer 5

Market dominated by a few business

Question 6

What are the influences on demand levels?

Answer 6

Customers income
Price
Competitors actions - promotions, new products
Seasonality
Advertising
Brand Loyalty

Question 7

Describe Brand Loyalty as an influence on demand levels

Answer 7

Makes customers return to a business
Taking customers away from competitors is difficult
Keeping customers is cheaper than attracting new ones

Question 8

What are the Internal and External influences on marketing objectives?

Answer 8

Internal:
Finance - (£) money
Staff number
Operations Production
Capacity - How many products can we produce?

External:
Political - Tax product
Economic - How much money do customer have? (price)
Social - Fashion and what customers
Technological - What is new?
Legal - Competition law (maximum market share)