3.3.1 Setting marketing objectives Flashcards
Marketing
Providing customers with what they need/want
Marketing Objectives
Goals set by the marketing function, and are designed to achieve the corporate objectives
Sales value
Measures the level of sales in a given period of time in GBP
Sales volume
Measures the level of sales in a given time in terms of units sold
Market size
How small or large the market is in regards to sales value or sales volume
Market/sales
Growth is the % change in the total sales in the market over a given period
Market share
Measures the sales of one brand or business as a % of total market sales in a given time period
Brand loyalty
Refers to the business ability to retain its customers
What are the internal influences on marketing objectives?
- Finance
- Human resources
- Corporate objectives
- Operational issues
What are the external influences of marketing objectives?
- Competitors actions
- Market factors (PESTLE)
- Technological change