Marketing Objectives Flashcards
What does marketing identify?
Customer’s needs and wants
What does marketing anticipate?
What customers will want in the future so the business is always one step ahead of the market
What does marketing try to ensure?
That the business supplies goods and services that customers want to make a profit
What does marketing cover?
Research, analysis, planning and the ‘marketing mix’
What is the ‘marketing mix’?
All the decisions a business makes about promoting and selling a product
What are marketing objectives?
Targets that a company’s marketing department sets itself?
Why are marketing objectives valuable?
To help the company achieve its overall objectives and should be SMART.
What do marketing objectives tend to focus on?
Sales
What is the objective ‘sales volume’?
Reach a number of units sold over a period of time
What is the objective ‘sales value’?
Amount of money made from sales in a period of time
What is the objective ‘sales growth’?
Growth in sales of a certain volume or value over a year
What is the objective ‘market share’?
The percentage of sales in a market made by one firm or brand
Why is market share useful for a business?
It tells a business how well its going compared to its competitors
What is the objective ‘market growth’?
If market size increases from one period of time to another then it is growing
What is brand loyalty?
Holding on to existing customers
How are marketing objectives influenced by corporate objectives?
They need to make sure its objectives are aligned with the company’s overall goals.
How are marketing objectives influenced by the finance department?
Finance department allocates the marketing department’s budget
How are marketing objectives influenced by HR?
HR planning identities how many staff the company needs
How does the market influence the marketing objectives?
The economy can increase sales volume or maintain market share
How does technology influence the marketing objectives?
New technology can cause prices to rise and fall very fast
How does competitors influence the marketing objectives?
The actions can affect the objectives e.g they can be price competitive
How can ethics and the environment influence marketing objectives?
Behaving in a harmful way can damage a company’s brand image
Give four quantitative measures that marketing objectives can be based on.
Sales growth
Market share
Market growth
Sales value
