Marketing Aims & Objectives Flashcards
What is an aim of the business?
An aim is a complicated, longer term goal.
What is an objective?
An objective of a business is a simple, short term goal linked to the aim.
What do businesses aim for to operate and develop to serve its customers?
By aiming to understanding customer wants, needs and customer behaviours. This is done through short surveys, interviews and feedbacks.
What do businesses aim for when customer needs and demands are identified?
They aim to develop new products, being the first to offer a product or a service can mean massive sales and profits.
What are businesses aiming for when they set the selling price much higher than the cost of making the product or delivering the service?
They are aiming to improve profitability. More sales means more profit. Marketing can help convince customers that a higher price means a better quality product.
What do businesses aim for when they fight and compete for their share of the sales against other competitors?
They are aiming to increase market share. Increasing market share by less than 1% can mean a huge leap in sales and profits.
What does it mean when businesses are aiming to offer products and services in different markets?
It means they are pursuing diversification to avoid relying on one product or market. This helps protect against falling demand or competition and ensures long-term success.
What do businesses aim for to have a product/service that has a recognisable name and packaging?
They aim to increase brand awareness and loyalty, ensuring customers recognize and choose their brand over competitors.
List 6 marketing aims
- Understanding customer needs and wants
- Develop new products
- Improve profitability
- Increase market share
- Diversification
- Increased brand awareness and loyalty
