3.3.1 Setting marketing objectives

Question 1

Market

Answer 1

when buyers come together with sellers

Question 2

Marketing objectives

Answer 2

what a business wants to achieve from its marketing activities

Question 3

Sales value

Answer 3

Measured in terms of how much is spent eg sale of £50,000

Question 4

Sales volume

Answer 4

Measured in terms of how many units sold eg sale of 2500 units

Question 5

Market size

Answer 5

total sales value or sales volume in a given market
=number of units sold x price

Question 6

Market share

Answer 6

Market share is the proportional of total market sales that a firm has
=(business a sales/market sales) x 100

Question 7

Brand loyalty

Answer 7

a measure of the degree of attachment that a consumer has for a particular brand

Question 8

Internal influences on marketing objectives

Answer 8

-budget/finance
-size of the business
-business culture
-operational issues
-human resources
-corporate objectives

Question 9

External influences on marketing objectives

Answer 9

-demographic
-PESTLE
-market dynamics
-competitor actions

Question 10

Market growth

Answer 10

a key indicator for existing and potential market entrants

Question 11

Examples of marketing objectives

Answer 11

-Increasing/maintaining market share
-Developing new products/innovation
-Meeting the needs of customers
-Entering a new market/market positioning
-Gaining an advantage over competitors