customer base and business objectives

Question 1

marketing

Answer 1

the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives

Question 2

customer base

Answer 2

the group of customers who might be expected to purchase a business’s goods and services

Question 3

customer base benefits

Answer 3

Business can ensure product offered is of value to customers
Customer develop loyalty to business
Improved marketability of business products

Question 4

customer base costs

Answer 4

Establishing a customer base has financial costs
Logistics required to establishing a customer base can be time-consuming

Question 5

business objectives

Answer 5

Major aim of business is to make a profit, by:
Increasing the value and volume of sales
Increasing market share
Expanding the size of the business

Question 6

performance indicators

Answer 6

Sales analysis, comparing forecast of sales with actual sales

Market share analysis, evaluate whether the changes in sales is due to business marketing strategies or uncontrolled external factors

Marketing profitability analysis, a method used by the business to break down its total marketing costs into specific marketing activities