3.3.1

Question 1

Marketing objectives

Answer 1

Targets that the marketing function of a business want to achieve in a given time period
Likely informed by research and used to select the marketing strategy and develop a marketing plan

Question 2

Marketing objectives focus

Answer 2

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

Question 3

Sales volume

Answer 3

Amount of sales expressed as a number of units sold

Question 4

Sales value

Answer 4

Amount of sales expressed as the total sum of money spent by customers

Question 5

Market size

Answer 5

Total sales value or sales volume in a given market

Question 6

Market size formula

Answer 6

Number of units sold x price

Question 7

Market growth

Answer 7

Percentage increase in size of market by value or volume in a given period of time

Question 8

Market growth formula

Answer 8

Change in size of market / original size x 100

Question 9

Market shares

Answer 9

Proportion of total market sales a firm has/ total value of sales

Question 10

Market share formula

Answer 10

Sales of one product/ total sales in market x 100

Question 11

Brand loyalty

Answer 11

When customers keep returning to buy a recognised brand

Question 12

Branding

Answer 12

A promotional method that involves the creation of an identify for a business that distinguishes it and its product from competitors