3.3.1- Setting marketing objectives

Question 1

What does the marketing function do?

Answer 1

• 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

Question 2

What are the marketing objectives?

Answer 2

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

Question 3

What are the objectives of sales volume and sales value?

Answer 3

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

Question 4

What are the objectives of sales growth?

Answer 4

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.

Question 5

What are the objectives of Market share?

Answer 5

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

Question 6

What are the objectives of market size and growth?

Answer 6

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

Question 7

What are the objectives of brand loyalty?

Answer 7

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

Question 8

What are the internal factors that influence marketing objectives?

Answer 8

• Corporate objectives
• Finance
• Human resource

Question 9

What are the external factors that influence marketing objectives?

Answer 9

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