MARKETING OBJECTIVES Flashcards
What is a marketing objective
MARKETING OBJECTIVE: The goals set for the marketing department to achieve their corporate objectives.
What is sales volume
Measure the total number of units sold by a firm.
For Example: A coffee shop may want to sell 1000 cups of coffee per day.
What is sales value
Measures the monetary value of the sales a firm makes.
For Example: A marketing agency wants to make £2000 in sales per day.
What is the formula for sales value
Formula For Sales Value: Units sold x average selling price.
What is market size
Market Size: Can be measured by value, or by volume.
What is the formula for market size
Formula: Total units sold in market x selling price per unit.
What is the market value
The amount in revenue that was generated in that market
What is market growth
Market Growth: The percentage increase in the size of the market in terms of either value or volume.
What is the formula for market growth
Formula = change in size of market divided by the original size, multiplied by 100
What is brand loyalty
Brand Loyalty:
The extent to which consumers make repeat purchases from the same brand.
A business may have the objective to increase their brand loyalty, by getting more repeat purchases.
