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Business Studies > 3.3 Marketing Managment > Flashcards

3.3 Marketing Managment Flashcards

1
Q

What do marketing objectives include?

A

Sales volume + value
Market share
Market size
Market + sales growth
Brand loyalty

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2
Q

What do market objectives link closely with?

A

Competition
Brand awareness and loyalty
Marketing Mix
Market share
Market growth and size
Corporate objectives

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3
Q

What are some external influences of marketing objectives and decisions?

A

Social
Technological
Competition
Political
HR

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4
Q

What is marketing?

A

Marketing is “the process of identifying, anticipating and satisfying customer needs profitably”

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5
Q

What is the decision making cycle?

A

Set objectives
Analyse situation
Assess resources
Make a clear decision
Evaluate decision

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6
Q

What is a marketing objectives ?

A

A marketing target or goal that an organisation hopes to achieve

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7
Q

Why set marketing objectives?

A

Steer direction of business
Helps coordinate business activity
Motivational target
Increase the profitability of success - decision making is more focused

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8
Q

Where do marketing objectives come from?

A

Marketing objectives must be compatible with overall corporate objectives of the company

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9
Q

What is the order marketing objectives should be considered?

A

Mission
Corporate
Functional
Team
Individual

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10
Q

Examples of how marketing objectives might support corporate objectives

A

Corporate objectives - market share of 10%

Marketing objective - sales per customer of £100

Unit objective - shop sales of £500k +

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11
Q

What are smart objectives?

A

Objectives that are
Specific
Measurable
Attainable
Realistic
Timely

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12
Q

What is the value of setting marketing objectives?

A

Help ensure department stays on track with what business hopes

Objectives must align with corporate objectives

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13
Q

What marketing objectives are of value?

A

Provide focus and direction for marketing activities and strategy of business

Help ensure that the resources of the marketing department are used effectively

Motivate and align ideas

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14
Q

What are the functional areas?

A

Marketing
HR
Operations management
Finance
Administration

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15
Q

What are external influences on marketing objectives?

A

Political and legal environment
Economic change
Social change
Technological change
Competitive environment

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16
Q

What are internal influences on marketing decisions?

A

Business strategy
Ambition of managers
Existing business performance
Capacity of business
Finance

17
Q

What framework should you use when analysing an industry and highlighting specific issues within it?

A

PEST-C
POLITICAL
ECONOMIC
SOCIAL
TECHNOLICIAL
COMPETITIVE

Business Studies (4 decks)

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