3.3 - Decision Making To Improve Marketing Performance Flashcards
What are objectives?
Statements of specific outcomes that are to be achieved.
What is a mission?
The overall purpose of a business
What is a vision?
The overall aspiration of a business?
What are aims/ goals?
General statements of what a business intends to achieve
What are objectives?
More precise and detailed statements of the aims/goals
What are corporate objectives?
Corporate objectives are those that relate to the business as a whole
What are four values of setting marketing objectives?
- Ensure function activities are consistent with corporate objectives
- Provide a focus for marketing decision making and effort
- Provides incentives for the marketing team and a measure of success or failure
- Establish priorities for marketing resources and effort
What are some potential problems with setting marketing objectives?
- Fast changing external environment
- Potential conflict between marketing objectives
- Easy to be too ambitious with marketing objectives
What is marketing?
A function of businesses that improves the link between the businesses and the customers through the process of identifying, anticipating and satisfying the needs of customers in a mutually beneficial exchange process.
What are some examples of marketing objectives?
- Maintaining or increasing market share
- Developing new products / innovation
- Meeting the needs of customers
- Entering a new market /market positioning
- Gaining an advantage over other competitor
What are the internal influences on marketing objectives?
- Corporate objectives
- Finance
- Human Resources
- Operational issues
- Business culture
What are the external influences on marketing objectives?
- Economic environment
- Competitor actions
- Market dynamics
- Technological change
- Social and political change
What is Market size?
Indicates the potential sales from a fir,usually measured in terms of both volume (units) and value (sales). The size of individual segments within the overall market can also be measured.
However,not normally a marketing objectives, since the firm cant influence it
How do you calculate market size?
(Sales / Market share) x 100
What is market growth?
A key indicator for existing and potential market entrants - growth rate can be calculated using either value or volume
