3.3.1 Flashcards
What 6 things does marketing allow a business to do?
- Understand the market
- Understand demand
- Understand competitive advantage
- Build brand
- Build relationships with customers
- Understand the nature of pricing
What are the four main marketing objectives?
- Market and sales growth
- Brand image
- Market share
- Brand loyalty
What is markets and sales growth as a marketing objective?
Can be measured as volume or value
Increase the awareness, desire and ability for customers to buy products
What is brand image as a marketing objective?
Developing a good reputation attracts and reassures customers, allowing for premium prices
What is Market share as a marketing objective?
Increasing market share gives the business more influence and power in the market
Increased market share means they have increased the average number of customers
What is Brand loyalty as a marketing objective?
Businesses need regular customers in order to succeed
Involves building a relationship with customers to encourage repeat purchases
What are the three internal influences on marketing objectives and decisions?
- Finance
- Operations
- Human resources
What are the four external influences on marketing objectives and decisions?
- Political
- Economic
- Social
- Competitors
What are the five stages in the marketing process?
- Set objectives
- Analyse data
- Make decisions
- Implement decisions
- Review
What is finance in relation to internal influences on marketing objectives and decisions?
Finance supporting promotions to make customers more of a product may be limited
What is Human Resources in relation to internal influences on marketing objectives and decisions?
Employees may affect the quality or customer service or range of services available, and therefore target level sales
What is operations in relation to internal influences on marketing objectives and decisions?
The business cannot exceed its capacity of the year unless it’s outsourcing some of its production
What is political in relation to external influences on marketing objectives and decisions?
Changes in packaging promotion and distribution of products, as well as accessible countries can change marketing targets relating to how what and where things are sold
What is economic in relation to external influences on marketing objectives and decisions?
Changes in the economy affect how much customers can afford to pay for items.
Globalisation creates new growth markets to targets.
This can influence marketing objectives such as expected sales
What is social in relation to external influences on marketing objectives and decisions?
Affecting customers views of what is acceptable and what they except from products and producer.
The growing population results in higher populations in cities and an ageing population in some regions affecting demand patterns
