3.3.1- Setting marketing objectives Flashcards

3.3 Marketing management

1
Q

What does the marketing function do?

A
  • Finds out what customers need and want. can help step ahead in the future
  • Marketing covers research, analysis, planning, and ‘marketing mix’
  • Can help make customers loyal
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2
Q

What are the marketing objectives?

A
  • Sales volume and sales value
  • Sales growth
  • Market share
  • Market size and growth
  • Brand loyalty
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3
Q

What are the objectives of sales volume and sales value?

A

To reach a certain sales volume (number of units sold) over a certain period of time.

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4
Q

What are the objectives of sales growth?

A

Businesses may aim for a growth in sales of a certain volume or value over a year. Alternatively, they may aim for a certain percentage change.

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5
Q

What are the objectives of Market share?

A

To increase market share. Done by attracting new customers or entice customers away from competitors

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6
Q

What are the objectives of market size and growth?

A

A company stimulates market growth- as long as their market share stays the same, or grows, they will see an increase in sales.

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7
Q

What are the objectives of brand loyalty?

A

Holding onto existing customers, rather than attracting new ones, which can be dome by advertising

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8
Q

What are the internal factors that influence marketing objectives?

A
  • Corporate objectives
  • Finance
  • Human resource
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9
Q

What are the external factors that influence marketing objectives?

A
  • Market
  • Technology
  • Competitors
  • Ethics and environmental factors
  • Government laws
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