Chapter 7: Setting marketing objectives

Question 1

Relationship marketing

Answer 1

Company seeks to build long term relationships with its customers by providing satisfaction

Focusing on customer retention not one off sales

Question 2

Market analysis

Answer 2

Examining particular characteristics of the market such as market size and growth

Question 3

Business ethics

Answer 3

Whether the actions of a business are perceived as morally right or wrong

Question 4

Market objective

Answer 4

Measurable and time specific target set for the marketing function

For example: increase sales by 10% in 3 years

Question 5

Sales value

Answer 5

measures the level of sales in a given period in terms of the amount spent

Question 6

Sales volume

Answer 6

Measures the level of sales in a given period in terms of units sold

Question 7

Market share

Answer 7

Sales of 1 brand or business as a % of total market sales in a given period

Question 8

Sales growth

Answer 8

The % change in sales volume or value over a given period

Question 9

Market growth

Answer 9

The % change in total sales in the market over a given period of time

Question 10

Internal influences on marketing objectives

Answer 10

Refer to factors within the business such as employees and operational resources

Question 11

External influences on marketing objectives

Answer 11

Refer to factors outside of the business such as the state of the county’s economy

Question 12

Globalisation

Answer 12

Increasing trade between countries and the growing internationalisation of business